NewStats: 3,265,408 , 8,186,644 topics. Date: Saturday, 14 June 2025 at 07:38 PM 1f6f12

The Group Managing Director of Nigerian National Petroleum Company Limited, Mele Kyari, has revealed that the istration of President Bola Tinubu has concluded an arrangement to have one of the four refineries repaired and operating at an optimal level before the end of the year.

Kyari made the revelation when he visited the party secretariat for a meeting with the National Chairman of the All Progressives Congress, Senator Abdullahi Adamu.

The NNPC boss, who arrived at the premises at about 12.30 pm, was warmly received by the chairman and of the National Working Committee.

Addressing newsmen after the session, Kyari explained that following the hike in pump price and the resultant effect on commercial fare, the president is working out some palliative measures to ease the pains of Nigerians.

He also added that there is an ongoing process of rehabilitation to ensure one of the refineries is ready this year.

“I’m aware that Mr president has directed some engagements and some palliatives will be put in place. I am very sure this will happen. There is an ongoing process of rehabilitation. One of them will come this year, the second one will come on stream next year and then the third will follow thereafter.

“Of course, it is very obvious that we can no longer afford subsidy. Subsidy bills have piled up. The country is not able to settle NNPC for the money we are spending on subsidy. Therefore pricing this petroleum at the market price is the right thing to do at this point in time and I believe it would benefit the country in the long term,” he said.

Recall Tinubu had affirmed during his swearing-in ceremony that his istration would not continue to pay subsidy on petroleum products.

He said the Federal Government was struggling to fund subsidies, noting that it was no longer justifiable to continue.

The development had triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.

To worsen the situation, many outlets shut down their facilities and refused to dispense fuel to motorists, further creating scarcity and panic buying at the fuel stations that were opened to customers.

But Kyari confessed on Thursday said that the country can no longer sustain such an expensive regime.

According to him, over 38 per cent of the total fuel distributed in this country is consumed by four states namely Lagos, Abuja, Kano and Rivers.

He said, “There was subsidy in 2022 but in 2023, not a single naira was provided for the purpose. And ultimately while we held back our fiscal obligations, we still have a net balance of over N2.8trn that the federation should have given back to the NNPC. For any company, when you have negative N2.8 trn, there is no company in the whole of Africa that will lend to you. You cannot have receivables. The provision of subsidy is there but absolutely there is no funding for it. It means it is only on paper. It doesn’t exist.

“We can no longer bear it. If we continue, we will run into defaults and the defaults of NNPC is the default of Nigeria. Once NNPC goes into defaults and liquidity, it affects every borrowing done by the country. Even the subnational. Your lenders will come back to you and say your country can no longer pay. The only way you can stop this is to stop this conversation around subsidy. It is why Mr President announced that the subsidy is gone. In 24 hours, the bond market appreciated. It is nothing else other than the statement around subsidy and balancing of the apex market. These two elements are major concerns that every investor all over the world, and every partner that we have is worried about.

“Before today, the average subsidy level was N400bn every month. There is nothing anybody can do about it. There is this common argument that the masses will suffer. I agree that once you increase prices of this proportion, as it has happened, it will have an impact on inflation. There is no doubt about it. The market determines what happens next. Even inflation in very many countries goes up when you have the economic indices become difficult.

“Mr president’s target is to have seven per cent growth of GDP. You cannot have it if you have this disruption in your demands and consumption pattern. Very many of us here have at least two cars in our houses including myself. When you buy fuel of 100 litres in an SUV, you are literally subsidising three litres with 100 naira for all of us.

“Even the consumption itself is clearly skewed in locations and states where the level of economic activities are higher than the others. It is very understandable and that is why people can afford it in Abuja, Lagos, Port Harcourt, and Kano. So over 38 per cent of the total fuel distributed in this country ends up in these places. All the other parts of the country suffer for it and you can see the relativity. Imagine the per capital basis?

https://punchng.com/subsidy-tinubu-to-fix-one-refinery-before-december-kyari/

Someone should tell him not to try fixing it because it won't work. It's just another way of wasting the little resources we asked them to manage for us.

Ask Buhari. The "system" won't let it work. We're comfortable with Dangote's refinery that will soon start rolling out fuel.

Is doable actually

Initial gra gra, buhari made same promise, he ended up giving us excuses, let’s think positive sha

Until una fix am....

Nice analysis though

APC...una no dey taya to make promises?

Something Buhari could not fix in 8yrs.

If eventually Tinubu is able to fix at least one before the end of this year, it simply means he's part of the cabal sabotaging the efforts of the previous istration.

Fear don grip Dem for NNPC

Just sell those refineries back to Dangote by reversing the bid he won but that was infamously cancelled by Messrs Yardua and Goodluck Jonathan istration.

PBAT should please not spend our money on those moribund refineries again o.

Check my signature for free stuffs!

Really

Before the year end, something that previous governments couldn't fix

clearcrystal:
Something Buhari could not fix in 8yrs.

If eventually Tinubu is able to fix at least one before the end of this year, it simply means he's part of the cabal sabotaging the efforts of the previous istration.

Typical.

If he doesn't fix it before the end of the year, you will say he failed.

If he still fix it before the end of the year, you will say he is part of the cabal sabotaging the efforts of the previous istration.

Whichever way, the meter reads.

When Buhari said it was easier to control his cows, you screamed and insuled the living daylight out of him.

Arguing with you or trying to explain anything to you is like fetching water with a basket.

clearcrystal:
Something Buhari could not fix in 8yrs.

If eventually Tinubu is able to fix at least one before the end of this year, it simply means he's part of the cabal sabotaging the efforts of the previous istration.

Is this one a human being

LeoDeKing:

Typical.

If he doesn't fix it before the end of the year, you will say he failed.

If he still fix it before the end of the year, you will say he is part of the cabal sabotaging the efforts of the previous istration.

Whichever way, the meter reads.

When Buhari said it was easier to control his cows,

Truly we need to stop this thing is sabotaging our political leaders unfairly .

Asiwaju is barely a week in office , let's give him some months before we start casting aspersions.

Yes Peter Obi would have been what we wanted ,indeed but the reality is we have Asiwaju in Aso rock so let us all lend him out and cut the criticism down .

We all love Nigeria irrespective of the side of the political divide on which you rest ,but at the end of the day a better nation is all we desire so let us the incumbent pending where the court may say otherwise.

okoo

Early looting signs. All these politicians will gather around the old man to make fake proposals. When money is allocated, they will come back with a changed stories. By then, gullible Nigerians ho suffer dey go.

What is the state of Dangote refinery? If Dangote refinery cannot bail us, is it one yeye looting platform called refinery fixing that will bail us? Tuuuuuueeeeeh

Buhari promised us for 8years yet we no see any

Make ina dey play🤣

All of these won't bring prices of fuel down, let's fix the economy, give people more purchasing power, get a well structured credit system, invest more in human capital and export same for some sizable forex abi ds people just want dey whine us ni

They have started

Sell the refineries! Same thing the NNPC did under Buhari while looting the money meant for it. They intentionally sabotage these refineries because they gain from the malfunction of it all. Nah. Sell the refineries to foreign technocrats.

Scammers...the refinery you and Buhari couldnt fix for 8yrs?

Dude just want to quickly recover his bribe money before the supreme court announcement

DatNiggaDaz:
They have started

Wailer Banton!😆😆😆😆

Another lie from the pit of hell. Buhari government promised more wetin happened?

Unperturbedpota:


Truly we need to stop this thing is sabotaging our political leaders unfairly .

Asiwaju is barely a week in office , let's give him some months before we start casting aspersions.

Yes Peter Obi would have been what we wanted ,indeed but the reality is we have Asiwaju in Aso rock so let us all lend him out and cut the criticism down .

We all love Nigeria irrespective of the side of the political divide on which you rest ,but at the end of the day a better nation is all we desire so let us the incumbent pending where the court may say otherwise.

Asiwaju is barely one week but has caused and inflicted untold hardship on Nigerians

Refinery that is up to 80% ready
Why not come out straight and say it
PHRC

If it is not the Port Harcourt refinery that is currently under repair, then this is nonsense. All our other refineries are beyond repairs. All our refineries should be sold immediately to private sector investors and not a dime should be spend on any of them.

LeoDeKing:

Typical.

If he doesn't fix it before the end of the year, you will say he failed.

If he still fix it before the end of the year, you will say he is part of the cabal sabotaging the efforts of the previous istration.

Whichever way, the meter reads.

When Buhari said it was easier to control his cows, you screamed and insuled the living daylight out of him.

Arguing with you or trying to explain anything to you is like fetching water with a basket.

Sharrap
Do you know how many trillions went into the refinery he is referring to in the last 2 years
As long as it favours apc u guys are always dumb enough to defend it
Some people pocketed billions, one naira u didn't see. Your job is to come here and constitute nuisance

seunmsg:
If it is not the Port Harcourt refinery that is currently under repair, then this is nonsense. All our other refineries are beyond repairs.

It's PHRC and there is no tinubu repairing anything. It asslicking. Trillions were pumped into that refinery in the last two years. Money that was meant to finish repairing it

APC is just full of shameless greedy liars

Tinubu go shock una.

seunmsg:
If it is not the Port Harcourt refinery that is currently under repair, then this is nonsense. All our other refineries are beyond repairs. All our refineries should be sold immediately to private sector investors and not a dime should be spend on any of them.

Ehn! I-Muda!😆😆😆😆

one of the four refineries repaired and operating at an optimal level before the end of the year.





JUST IMAGINE THAT
Pls somebody tell me where else in the world can this happen.

Shamelessly they were at front roll for the opening of a privately own refinery

Ga lala no be new dance again, i beg another new line of fraud!

Good one..

Just take at look at the people that have been asking why government hasn’t fix any of our refineries..

Same them are here now saying something else..