FG inaugurates committee on crude oil sale to local refineries
16 August 2024 |
3:29 am
The Minister of Finance, Wale Edun, has inaugurated a technical sub-committee to implement the directive on crude oil sale to local refineries in naira. According to a statement yesterday by Mohammed Manga
• NUPRC engages stakeholders on alternative dispute resolution
• Military vows continued clampdown on oil thieves, foils N943m oil theft
The Minister of Finance, Wale Edun, has inaugurated a technical sub-committee to implement the directive on crude oil sale to local refineries in naira. According to a statement yesterday by Mohammed Manga, the ministry’s director of information and public relations, the initiative is aimed at boosting Nigeria’s refining capacity and promoting economic growth and development.
On July 29, the Federal Executive Council (FEC) approved a proposal by President Bola Tinubu, directing the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the Dangote refinery and other local refineries in naira.
The finance ministry said the inauguration took place after a stakeholders’ meeting where government officials and representatives of local refineries, including the Dangote refinery, gathered to discuss the implementation of the directive.
“The committee, which includes Lydia Jafiya, the permanent secretary of the ministry of finance; Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS), as well as representatives from the NNPCL, Central Bank of Nigeria (CBN), Afrexim Bank, and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has the critical role of crafting a robust template that will ensure the successful implementation of the initiative,” the statement reads.
This is as NUPRC has announced the establishment of the Alternative Dispute Resolution Centre (ADRC) rules as part of its efforts to stabilise the oil sector, resolve issues and promote sustainable growth. The Commission during a stakeholders’ consultation discussing the rules of procedure yesterday said the setting up of the centre is to resolve issues in the oil sector.
The Commission’s Chief Executive, Gbenga Komolafe, said the ADRC marks a significant step towards the effort to enhance efficiency, fairness, and effectiveness of alternative dispute resolution within the upstream industry.
The Secretary and Legal Adviser, NUPRC, Olayemi Anyanechi, said the commission was dragged into different cases by various groups or individuals, including host communities, noting that the commission keeps spending government money on such cases.
Anyanechi disclosed that most of the disputes that arose from the 2020 marginal bid round have been settled out of court, adding that the Petroleum Industry Act (PIA) also gave rise to some cases among host communities.
The Defence Headquarters (DHQ) has however given the assurance that troops of the Armed Forces of Nigeria will continue to clamp down on economic saboteurs and crude oil thieves and deny them freedom of action until the country meets and surpasses the quota set by Organisation of the Petroleum Exporting Countries (OPEC). The DHQ noted that there was a noticeable improvement in the nation’s crude oil production within the period under review – July and August.
Director of Defence Media Operation, Maj. Gen. Edward Buba, said this while fielding questions from journalists during the biweekly press briefing on operational activities of the military and other security agencies. He said Nigerian troops have arrested 23 suspects involved in oil theft and thwarted an attempt to steal oil valued at N943 million.
Buba highlighted the success of the troops in the Niger Delta, where they discovered and destroyed 15 dugout pits, 17 boats, 62 drums, one receiver, and 27 storage tanks. In addition, the troops recovered 920,800 litres of stolen crude oil, 88,760 litres of illegally refined Automotive Gas Oil (AGO), and 7,500 litres of Premium Motor Spirit (PMS). Other items seized included 32 cooking ovens, two outboard engines, two pumping machines, two vehicles, one tricycle, three motorcycles and 84 illegal refining sites.
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