The Group Managing Director of the Nigeria National Petroleum Cooperation, Mele Kyari, has told the the Senate leadership that no country sells petrol below N350 in West Africa apart from Nigeria.
The NNPC GMD, who appeared before Senate leadership for an interactive session on Wednesday, said Nigeria’s N145 per liter of petrol is the cheapest in West Africa.
According to him, the N145 per litre fuel price regime in Nigeria encourages smuggling, which invariably affects revenue generation for the agency and by extension the country.
He also added that Nigeria is not benefiting optimally from gas production.
Kyari, however, informed the Senate leadership that as far as projected daily production level is concerned, remarkable achievement had been made with the 2.3 million barrel daily production being recorded as against 1.6 million barrel recorded on daily basis in 2016.
The GMD further assured the lawmakers that before the end of the year, the NNPC daily production will be over 2.3 million barrel per day.
According to him, the NNPC was working tirelessly with the Nigeria Customs Service and other security agencies in controlling and containing cross border activities of oil smugglers.
In his own submission, the Director of the Department of Petroleum Resources, Rufai Ahmed Ishaku, called on the National Assembly for the speedy passage of the Petroleum Industry Bill, saying doing so will significantly transform the oil and gas industry and attract revenues.
In his remarks, the Senate President, Senator Ahmad Lawan, expressed dissatisfaction with borrowing externally to finance capital projects.
Lawan said: “It is very worrisome that the country within the last few years has been resorting to borrowing from external lenders for implementation of capital components of the yearly budget.”
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