Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, addressed the Senate Joint Committee on Appropriations on December 8. During the session, Kyari emphasized that the primary purpose of establishing refineries is not to decrease fuel prices.
The GCEO of NNPCL further expressed confidence that by 2024, Nigeria would achieve its energy security target, transforming into a net exporter of petroleum products. Kyari clarified that no subsidy is imposed on the federation, highlighting that the NNPC has contributed 4.45 trillion naira as direct revenue to the federation through taxes, royalties, and dividends. Additionally, the NNPC paid 406 billion naira as dividends to the Federal Government’s account since July 2023.
Kyari also revealed the absence of credible data for PMS consumption in Nigeria due to the lack of appropriate measuring instruments.
