In a significant appearance before the Senate joint committee on appropriations, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), made waves by stating that the primary purpose of establishing refineries is not to drive down fuel prices. Kyari emphasized the strategic focus on maintaining energy security, expressing confidence that Nigeria is poised to become a net exporter of petroleum products in 2024.
Additionally, Kyari highlighted the financial contributions of NNPC to the federation, stating that the company has injected 4.45 trillion naira as direct revenue through taxes, royalties, and dividends. Notably, 406 billion naira has been paid as dividends to the Federal Government's account since July 2023.
In an intriguing revelation, Kyari acknowledged the absence of credible data for Premium Motor Spirit (PMS) consumption in Nigeria due to the lack of appropriate measuring instruments. This disclosure adds a layer of complexity to the ongoing discourse surrounding the nation's energy landscape.
As this revelation sparks discussions on the role of refineries and the trajectory of Nigeria's petroleum sector, the NNPC CEO's statements resonate within the context of evolving energy policies and economic dynamics
