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Consumers Pay N2.113trn For Petrol In 13 Months, NNPC Confirms
The Nigerian National Petroleum Corporation (NNPC), yesterday, disclosed that it sold N2.113trillion worth of petrol between March 2020 and March 2021.
The corporation, in its NNPC Monthly Financial and Operations Report for the month of March 2021, said total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129trillion, with petrol sales contributing about 99.24 percent of the total sales.
The corporation, in a statement by its Spokesman, Dr. Kennie Obateru in Abuja, yesterday, stated that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63billion revenue from the sale of white products in the month of March 2021 representing a 24.7 percent increase from the N188.15billion sales recorded in the previous month of February 2021.
NNPC explained that in terms of volume, 1.75billion litres of white products were sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021.
“This volume is made up of 1.782billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO).
Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37 percent”, Obateru stated.
He explained that “NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria”.
NNPC also stated that in the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).
“For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period”.
The corporation disclosed that production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23 percent, 19.78 percent and 63.99 percent respectively to the total national gas production.
“In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.
“This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.
“This implies that 63.18 percent of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared”, it added.
It said gas flare rate was 9.50 percent for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25 percent (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.
“On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.
The corporation said it recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63 percent increase from the 54 points recorded in the previous month.
While the Port Harcourt area accounted for 63 percent of the vandalized points, the Mosimi area accounted for 21 percent and the Gombe area accounted for the remaining 16 percent.
Obateru stressed that NNPC was working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.
President Bola Tinubu has approved the nomination of four new members to the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement yesterday, said the appointment is to fill existing vacancies and strengthen the board’s capacity.
The statement said the approved nominees are Mr. Olusegun Omosehin of the National Insurance Commission and Engr. Wole Ogunsanya of the Petroleum Technology Association of Nigeria.
Tinubu also endorsed the nomination of Sam Onyechi, who represents the Nigerian Content Consultative Forum and Barrister Owei Oyanbo from the Ministry of Petroleum Resources.
The President encouraged the new members to leverage their expertise and dedication to enhance local content development within Nigeria’s oil and gas industry.
It added, “The nominations arose from the exit of previous institutional representatives from the Governing Council.
“The NCDMB Governing Council, established under Section 69 of the Nigerian Oil and Gas Industry Content Development Act, 2010, comprises representatives from key institutions.
“These include the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Petroleum Technology Association of Nigeria, the Council for the Regulation of Engineering in Nigeria, the Nigerian Content Consultative Forum, and the National Insurance Commission.”
The Niger Delta Development Commission (NDDC) has announced plans to construct additional hostels, rehabilitate roads, and enhance power supply in the University of Port Harcourt (UNIPORT).
NDDC’s Managing Director, Dr Samuel Ogbuku, disclosed this during a visit to the commission’s headquarters in Port Harcourt, yesterday by a delegation from the UNIPORT’s Governing Council.
Ogbuku stated that the NDDC had committed to upgrading facilities at UNIPORT as part of efforts to foster partnership with educational institutions across the Niger Delta.
According to him, the implementation of additional projects at the university forms part of a broader strategy to improve education standards in the region.
“Aside from the construction of new hostel blocks and installation of a 300 KVA solar inverter system, the NDDC will also facilitate more projects in the university.
“The commission will also deploy its engineers to assess the condition of UNIPORT’s roads and hostels for potential rehabilitation,” he said.
Ogbuku noted that upon completion, the projects would add to various initiatives previously undertaken by the commission at the university.
“These and other projects reflect our commitment to actualising President Bola Tinubu’s Renewed Hope Agenda in the Niger Delta region,” he added.
He reaffirmed the NDDC’s dedication to fostering development and strengthening partnerships across the region.
Earlier, Sen. Mao Ohuanbunwa, Chairman of UNIPORT’s Governing Council, who led the delegation commended the current leadership of the NDDC for its achievements in accelerating development in the Niger Delta.
He highlighted the university’s infrastructural challenges, noting that it lacked adequate facilities to accommodate its growing student population, and appealed for the NDDC’s support in addressing the shortfall.
“Currently, UNIPORT has a total student population of about 50,000, while its hostel accommodation capacity can only cater for 5,000 students.
“We therefore urge the NDDC to assist in the construction of additional hostels, improve transportation facilities, and facilitate the acquisition of gas turbines to enhance power supply for our students,” Ohuanbunwa pleaded.
The Vice Chancellor of UNIPORT, Prof. Owunari Georgewill, commended NDDC for its impactful projects across the Niger Delta and extended an invitation to the commission to participate in the institution’s forthcoming 50th anniversary celebrations.
The Senate has rejected a motion to rename the Independent National Electoral Commission (INEC) headquarters after the former chairman of the defunct National Electoral Commission, late Prof Humphrey Nwosu.
Nwosu presided over the June 12, 1993, presidential election, which was truncated by the former military President, General Ibrahim Babangida (rtd).
The election which was won by the late business mogul, Chief MKO Abiola, was adjudged to be the freest and fairest in the electoral history of Nigeria.
The motion to rename INEC after Nwosu was re-sponsored by Senator Enyinnaya Abaribe yesterday after lawmakers threw it out last Wednesday.
Abaribe called for posthumous national honours to be conferred on Nwosu in recognition of his role in Nigeria’s democratic evolution.
However, the proposal sparked a heated debate once again, with lawmakers deeply divided over Nwosu’s legacy.
Senator Osita Ngwu acknowledged that Nwosu operated under a military regime, which restricted his ability to announce the results.
He argued that “there was no way he would have announced the results with a gun to his head. That doesn’t change the fact that some of us see him as a hero.”
Senator Austin Akobundu, however, described it as most uncharitable for lawmakers to dismiss Nwosu’s contributions, insisting that he deserved a place in Nigeria’s hall of honour.
On the other hand, several senators like Senator Jimoh Ibrahim dismissed the idea outright, questioning why the Senate should honour someone who failed to announce the results insisting that “nothing should be named after him”.
Senator Cyril Fasuyi argued that history does not reward efforts, but only results.
“As long as he did not announce the result, whether under duress or not, I am against naming INEC headquarters after him,” he submitted.
Also, Senator Sunday Karimi criticised Nwosu for lacking the courage to speak out, while Senator Afolabi Salisu warned that immortalising him would undermine the memory of MKO Abiola, the widely accepted winner of the June 12, 1993, annulled election.
“Any attempt to do anything beyond a one-minute silence is to rubbish Abiola’s legacy,” he tendered.
After intense deliberation, most senators rejected the motion through a voice vote.
They, however, agreed to honour him with a one-minute silence and extend condolences to his family, effectively dismissing the other prayers to immortalise Nwosu.