Nigeria crude oil production seemed to be stabled at 1.67 million barrels per day as shown by reliable data source and revealed by the Group Executive Officer of the Nigerian National Petroleum Corporation Limited NNPCL Mallam Mele Kyari.
Mallam Kyari made this revelation during a special Finance Ministry briefing led by the Honourable Minister of Finance & Co-ordinating Minister of the Economy, Wale Edun, who shared his vision for Nigeria’s economy.
In his speech, the NNPCL boss commended the current Nigerian President H.E Ahmed Tinubu for his unwavering commitment to de-bottlenecking the energy industry by dismantling all security hurdles that are militating against smooth operations.
“We did Have Substantial Challenges in Security But I also confirmed that moment Mr. President has Re Engineered the Security approach and we are already seeing very significant changes in the production environment” Mele Kyari, NNPC’s group chief executive, said
This great fit achieved so far by the top African crude oil producer has conversely replicated in value through the engagement of a private security firm Tantita Security Company in overseeing the security surveillance of the nation’s crude oil facilities and pipelines. Penultimate to this period, massive oil theft from pipelines and wells has crippled the country’s output leading to insufficiency for exports in recent years and invariably damaging Nigeria’s finances.
President Tinubu, who has embarked on Nigeria’s boldest reforms in decades, scrapped a costly but popular subsidy on petrol that cost the country $10 billion last year. The central bank, under Tinubu, has also lifted foreign exchange trading restrictions.
Further in his speech Kyari stated that the country which has recently removed the petrol subsidy had in time past spent about 1 trillion naira ($1.3 billion) monthly on the subsidy. He said that the fuel subsidy removal revealed the nation’s actual consumption which currently stands at 46 million litres which is 30% down from 67 million litres previously recorded before removal.
“We simply don’t have those resources anymore. We’re not just saving money, we’re also facing realities around what we can afford,” Kyari said.
On the present positive economic reforms embarked so far by the present government led by President Ahmed Tinubu , the NNPCL Group Chief Executive praised the current Tax reforms as a great economic approach as benefits of such reforms are present reverberating across all the nation’s industrial sectors especially the oil and gas sector.
“There are over 13 different taxes and I know that no one invests if the Industry does not have at least 10 years of Stability and I know that this is part of the recommendations that were made.
But we are happy today that Interventions are working both in forms of the Security and also providing the stability basis for companies to invest in and it is already Showing up in NNPC’s current to fulfill its obligation to its partners which were failing before May 29th” He posited
According to Kyari the corporation was previously defaulting so that it can accommodate a subsidiary of fuel but all this is now history and by November NNPCL will be on a clean side of all its financial obligations.
