NewStats: 3,265,151 , 8,185,800 topics. Date: Friday, 13 June 2025 at 04:18 PM 3c6w1m

Forty eight hours after being summoned by the Senate, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has now appeared before the t committee on appropriations.

The Senate had issued a 24-hour ultimatum on Wednesday to the NNPCL boss after an observations that he had in previous occasions, shunned summons by the Senate to appear before its ad-committee probing over 11 trillion naira expenditure on turn around maintenance of refineries in the country between 2010 and 2023.

Responding to questions by the senate committee on appropriations on the potential drop in pump price of petroleum owing to the expected functionality of refineries, Kyari clarified his comment after he was interrogated again. He explained that it might be possible to have a reduction, but it is not the main objective of the refineries.

He buttressed that maintaining the energy security target has fostered the confidence that in 2024, Nigeria will become a net exporter of petroleum products.

The NNPCL boss affirmed that no subsidy is charged to the federation, adding that the NNPC has contributed 4.45 trillion naira as direct revenue into the federation in a combination of taxes, royalties and dividends and paid 406 billion naira as dividend to Federal Government’s from July 2023.

According to him, Nigeria does not have credible data for PMS consumption in the country because of the absence of the instrument to measure.

The Chairman of the Senate Appropriation Committee, Senator Adeola Olamilekan, had on Wednesday, directed Kyari to appear before the committee in 24 hours.

Olamilekan, who asked Kyari to appear in company of the Executive Secretary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), warned that failure to appear undermines the legislature and sabotages the process.

They are required to present the list of all individual companies operating with OML licenses in Nigeria as well as total production output approved on a daily basis.

The lawmaker expressed concerns that some of the revenues required to drive the 2024 budget was attributed to the NNPCL, which according to him, was owned by the Federal Government and responsible to it, and by extension the three arms of government.

https://www.google.com/amp/s/www.channelstv.com/2023/12/08/kyari-appears-before-senate-says-refineries-not-created-to-reduce-petrol-price/amp/

We knew the plan. Na una diehard fans wey doubt us before you go tell am.

Then let them buy crude supply at international price. And let it not be on post supply paayment basis. I hope Dangote has started to pay for the supplies he is starting to receive.


Awon oniranu. It is till Nigerians begin to fall in numbers in broad day light y'all concede that the burden on the citizens is too hard.

Nobody is taking about the hardship in nigeria, everyone is okay, during good luck time economic was not this hard and good luck wanted to remove subsidy alot of people came out to protest, but here now things are hard and the government remove subsidy nobody want to protest.
Is Nigeria really okay with this hardship?
Where is the strength of the youth??

ALREADY PLEADING FOR DANGOTE PRICING.

CEMENT PRICE IN NIGERIA SHOULD NOT BE MORE THAN IT IS SOLD IN GHANA OR ANYWHERE ELSE.

Moyinoluwa35:
Nobody is taking about the hardship in nigeria, everyone is okay, during good luck time economic was not this hard and good luck wanted to remove subsidy alot of people came out to protest, but here now things are hard and the government remove subsidy nobody want to protest.
Is Nigeria really okay with this hardship?
Where is the strength of the youth??

The feeling is based on the president's region. Tribalism breeds double standards.

Moyinoluwa35:
Nobody is taking about the hardship in nigeria, everyone is okay, during good luck time economic was not this hard and good luck wanted to remove subsidy alot of people came out to protest, but here now things are hard and the government remove subsidy nobody want to protest.
Is Nigeria really okay with this hardship?
Where is the strength of the youth??

Moyinoluwa kilo n shele?

You be female soldier na, nothing do you, you no get problem.

Yes, it can be cheaper if the government intervenes by supplying crude oil at a discounted rate to refineries.

Kai.........
The way and manner some people are convulsing over this good news is baffling.
I said it on another thread that my trust Antenna for any statement from NNPCL is 0% but moved a bit to 30% recently because I'm sure Hurricane Dangote is sweeping through the Organization.
Back to the matter,for those convulsing and congratulating themselves for this gotcha message by the NNPCL GMD,I will try to burst their bubble a bit.
In Nigeria today,450000 barrels of crude oil per day is allocated for local consumption, this production is set aside for the Energy security of Nigeria.
It's this production that the NNPCL takes abroad to refine and returns back to the country for the last 30 years.
This African Magic series by NNPCL for the last 30 years is what's called swap arrangement,the swap involves NNPCL taking the crude oil from Nigeria to Refineries abroad,Nigeria doesn't pay for the refined petrol but there are a lot of payment involved in this African Magis swap series.
There's the payment for Logistics transporting the crude from Nigeria to the Refineries abroad,and also chattering vessels to bring it back to Nigeria,there's insurance paid for the ships transporting the crude and returning back the petrol,and so many other costs incurred in this swap arrangement.
That's why Petrol will always be expensive anytime it lands in Nigeria, NNPCL Africa Magic swap series was so fantabulous,(in the voice of Mr Macaroni) that only petrol was subsided while the other products from the crude oil wasn't ed for.
For the last 30 years,some people were feeding fat on the other products obtained from refining the crude oil,and yet we are wondering why the prices are very expensive.
On Thursday,a vessel was chartered and filled and it sailed from Agbami to Lagos within 48 hours,to all the Naysayers,can you calculate the cost that have been totally eliminated in this process.
Calculate and you know why definitely petrol and all other products must fall whenever the first litre is pumped.
I repeat again Nigeria is about to witness a massive transformation next year,Lagos and Ogun state will definitely be changed forever.
My people stop listening to the advice of naysayers and Wailers, quickly find a spot to invest in the massive transformation that will happen in the next 10 years.
Buy your land in Ibeju-lekki around Dangote Refinery,
https://nairaland.macsoftware.info/7926530/christmas-end-year-promo-silvergate#127237817
God bless Nigeria

immortalcrown:
We knew the plan. Na una diehard fans wey doubt us before you go tell am.

We all told u all along that it was not going to reduce price.
It would improve the economic phase of the country which u can't doubt.

Of course but brain challenged imps were jumping up and down saying when Dangote comes on stream petrol would sell for ₦300 because Nigeria won't be importing fuel again with foreign exchange!
I won't even be surprised if it becomes more costly to buy a litre of Dangote fuel,than to import it.If you query it they would tell you that selling anything below current price the refinery would run at a loss and won't be able to pay it's debts.Also selling at anything below dollar based pricing would encourage smuggling across the borders.
That is the Nigerian way of things:contradictions and "upsidededness".

The people who think so should go to doctor dangote will make it more expensive like cement that man is too greedy and selfish

JagabanB:

We all told u all along that it was not going to reduce price.
It would improve the economic phase of the country which u can't doubt.

Just as border closure did. Dollar rate has significantly reduced. We now enjoy a favourable balance of payment.👍

Meaning Dangote refined petrol products will be expensive.

Okay o!

immortalcrown:
Just as border closure did. Dollar rate has significantly reduced. We now enjoy a favourable balance of payment.👍

The good thing about Nigèrià is that everyone will complain about everything provided it was done by someone they doñ't Iike.
All actions have negative and positive consequences, know this and know peace.
This refinery will have both negative and positive consequences.

JagabanB:

The good thing about Nigèrià is that everyone will complain about everything provided it was done by someone they doñ't Iike.
All actions have negative and positive consequences, know this and know peace.
This refinery will have both negative and positive consequences.

Cement and salt prove you right.

Dumb

I have always insisted that the people in NNPCL are part of the problem of Nigeria and they can never be part of the solution.
I was waiting for the people in NNPCL to start their funny talk and I am not surprised it happened quicker than I thought
Help me ask this man if he has ever operated a Refinery before in his life,the last time any Refinery worked in Nigeria was close to 30 years ago and I am sure he was still a junior staff or possibly still applying to get a job in NNPCL
Someone that his organisation spent 12 trillion on repairing refineries and not one single barrel was refined is here schooling us about prices of refined crude oil,he better cover his face if he has any iota of shame left in him
I was fortunate to visit the NNPCL Depot in Emene,Enugu State some years back and I couldn't but weep for Nigeria
I was informed that the Depot has not received petroleum products for close to twenty five years and the place is now a shadow of itself but somehow they still receive salaries for doing nothing everyday
The people in NNPCL don't surprise me one bit,it will take them time to get used to the fact that free money has stopped flowing and they have to really work for their money
And lastly,all this talk is a preparing the ground so that when that scrap metal in Port Harcourt doesn't work in December,he will quote this statement he just made,that Refineries don't reduce fuel prices
My people,yeye dey smell jare

😁😁😁😁🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

Una eye go still clear, all them Tinubu ers shouting refinery as if refinery will solve all the problems of Nigeria...

Tinubu scaming his ers back to back

Lol even when we are talking about importing fuel and refining it locally?

Then no need creating them. APC is the worst government ever and will always be. APC= cancer+diabetes+liver failure+kidney failure.

You keep putting people into hardship whenever their hope is about to be met.
You have been telling us with all confidence that when our refineries are back to work, we will reap the reward of our pains, now Dangote refinery is working, the nation's own are about to be functioning and you bring up another hope dashing tales.

That is why Nigerians de japa even multinationals too de japa.
Shame on you all.

Wahala 15 Pro Max Plus 🤣🤣🤣

kyari please tell them that APc has no intention of bringing down the price of any commodity in Nigeria..

But rather raise prices and taxes
To make more money

kyari please tell them Tinubu and APc needs money to loot and steal....

The cold truth, the cold truth and nothing but the cold truth

Refineries are created to make money. Money to pay the owner, to pay for maintenance, to pay for taxes, and to pay for worker's salaries.

Any attempt to restrict money making by refinery would lead to its collapse.

(Like what Tinubu is doing now. Landing price of petrol has been above N720 since October 9, and yet fuel is selling below N700 nationwide. LOL.).

Anyway, Nigerians do not want to face that truth.

(Awaits people to start spilling electrons).

immortalcrown:
We knew the plan. Na una diehard fans wey doubt us before you go tell am.

Apc government na sham from start to finish.
No truth but dribbles here and there

touts and agberos union of nairaland what have you all to say.A man empty his bullion van to win election,won't it be a reasonable thing if he got to fill it back. I laughed when he said renew hope instead of the finish level agenda.where is that suya guy the asslicker of buhari ?

Then what's d use? I expect d price of pms to drop to at least 300 per litre since we're no longer importing