The Nigerian National Petroleum Corporation [NNPC] has guaranteed that its plans to maintain a standard fuel price for 2024 are achievable.
The corporation’s executive Mr Mele Kyari revealed this while in a meeting with the Senate’s Finance Committee yesterday in Abuja.
While discussing market swings of fuel prices and the projected budget benchmark of $77.96 the executive said: “The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”
Talking about the crude oil projection he said that the country produces 1.785mbpd, this encompasses all crude production in Nigeria including the crude and condensate.
He further explains that keeping aside the media OPEC report of 1.5 million barrels daily, our refineries also process two hundred and fifty to three hundred thousand barrels of condensate daily which cumulatively amounts to 1.785mbpd.
He said that though challenges such as security and workforce are limiting production, he believes that the FG will solve these challenges to ensure the targeted maximum production it hopes for in 2024.
The NNPC executive also said that the NNPC will continue to maintain the remittances to Federal account as provided by Medium-Term Expenditure and Framework. Dividends from the Nigeria Liquefied Natural Gas Limited will also be remitted to the government account as charged by the law.
Kyari said that all roads being built under the company’s Road Tax Credit Scheme will be completed properly. He added that the scheme is based on the Ministry of Works, with FIRSA and NNPC playing a role to ensure value for money spent in the project.
Speaking earlier in the meeting, Senator Sani Musa said, “The purpose of this interactive session was to have a better discussion on the projections in this year’s Appropriation Bill, in order to help the senators know what and where to make amendments.”
He commended the executive of NNPC Ltd for a job well done.
