Skip to main content

Refineries To Make Payments Into Federation Account From 2016

By

The Minister of State for Petroleum, Dr. Ibe Kachikwu, has said that state-owned refineries would make direct payments into the Federation account from 2016.
The refineries are subsidiaries of the NNPC, which is the body expected to make the payments. Dr. Ibe Kachikwu said the NNPC was adopting a plan that would give the refineries some sort of autonomy, without privatizing them.
In a statement by Ohi Alegbe, the corporation’s spokesperson, Dr. Ibe Kachikwu was quoted as saying high level discussions were underway with local and international investors to bridge funding gap in the sector. Kachikwu said, “The new model is that refineries would now buy their own crude oil, refine it and make remittances to the federation account allocation committee. “They would operate a semi autonomy system that would enable them to run in a profitable manner.”
The statement also expressed the federal government’s readiness to raise funds from international investors and the private sector in 2016 to fund the joint venture cash calls between the NNPC and international oil companies operating in the country. Dr. Ibe Kachikwu said the initiative was geared towards preventing the government from bearing the burden of funding capital intensive projects in the upstream sector of the oil and gas industry.
The minister also said that that the NNPC’s over 5000 km of pipelines across the country would be privatized in order to enhance efficient management of the infrastructure and bring pipeline vandalism to the barest minimum. According to him, in another 24 months, Nigerians would see a positive change in the refinery model, to meet needs not only in Nigeria but in the West African sub region.
Speaking on the December deadline for the refineries, Dr Ibe Kachikwu said the reports before him showed that, two of the refineries were likely to meet the deadline.

Comments

Post a Comment

Disclaimer: Opinions expressed in the comments are those of the comment writers alone and does not reflect or represent the views of Gee.

Contacts us with happenings around you on geeblog9@gmail.com and for your free event placement.

Popular posts from this blog

Ever got bad service/ product for your money? well look no further

By
Do you know your right as a consumer of products and services? Consumer Rights As a consumer, you have the following rights and you must insist on them. The right to Satisfaction of Basic Needs Access to basic goods and services necessary for survival, such as food, water, energy, clothung, shelter, health-care, education and sanitation. Goods and services must meet the standard of quality promised such that there is value for money in the purchase. The Right to Safety Protection from hazardous products, production processes and services. The Right to Information Provision of information enabling informed consumer choice as well as protection from misleading or inaccurate advertising and labeling. The Right to Choose Access to variety of quality products and services at competitive prices. The Right to Redress Compensation for misrepresentation, shoddy goods and unsatisfactory public and private services, including the right to adequate legal represe...
3 comments
Read more

Protest by members of the Nigeria Labour Congress at the Ikeja Electricity premises

By
The Nigeria Labour Congress (NLC) are right now show solidarity over the non payment of salaries owed it. With some o them scaling the gate.
Post a Comment
Read more

Nigerian Defence Academy Application for 68th Regular Course 2016

By
Nigerian Defence Academy (NDA) - This is to inform the general public that online application for admission into the 68th Regular Course of the Nigerian Defence Academy (NDA), Kaduna will be available from 26th January to 15th March 2016. Admission into NDA is open to both  Male and Female  Nigerians. NDA - Application for Admission into the Nigerian Defence Academy 68th Regular Course Examination Date and Requirements The examination will be conducted as an Entrance Examination (similar to Post-UTME examination in conventional universities), and is scheduled to hold on Saturday 23 April 2016. Therefore, all eligible candidates are to bring along their Acknowledgement Form, Examination Admission Card, JAMB result slip and TWO (2) postcard sized (3.5 x 5 inches) photographs to the Examination Centre on the examination date. The photographs should show only from the chest upwards and should contain the candidate’s Name , Exam number, State, Exam Centre, Course of study and...
Post a Comment
Read more