President Muhammadu Buhari yesterday said that an inter-ministerial committee will soon be established to speed up the re-organisation and reformation of the Nigerian National Petroleum Corporation, NNPC.
The President spoke at a meeting with the Chief Executive Officer of the International Finance Corporation, IFC, Jin-Yong Cai who paid a visit to the State House.
President Buhari said that the reformation of the NNPC had become inevitable in view of the corruption and abuse of its present structure in the recent past.
The President also cited Nigeria’s current need to maximise income from every source of revenue as a further imperative for reforming the NNPC.
He said that his administration was doing everything possible to boost national revenue so that it can effectively implement its programme of change and significantly improve the living conditions of Nigerians.
Mr. Jin-Yong Cai, who is also the Vice President of the IFC, told President Buhari that with proper reformation and re-organisation, NNPC could become Africa’s largest company.
“You have brought monumental changes since you got to power. You have brought in strong leadership and Nigeria has the opportunity under you to become highly reputable.
“In NNPC, you can create an entity that is dominant in Africa, and this is the right time to do it, with the momentum you have created,” he told the President. Refineries produce 6.76mlpd– NNPC

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Refineries produce 6.76mlpd– NNPC
Nigeria National Petroleum Corporation, NNPC, has disclosed that the nation’s three refineries in Kaduna, Port Harcourt and Warri have attained a combined daily production of over 6.76 million litres of petrol per day. A statement signed by the Group General Manager, Group Public Relations, Mr. Ohi Alegbe stated this yesterday in Abuja.
According to him, the productions are projected to increase to over 10 million litres per day by the end of January. NNPC which gave a breakdown of the premium motor spirit, PMS yield from the plants indicated that, while Port Harcourt Refinery which was re-streamed a week earlier is producing some 4.09 million litres, the Kaduna Refinery is contributing some 1.29 million litres and Warri which was re-streamed on Sunday is posting a yield of some 1.38 million litres.
The Corporation confirmed that the PMS volumes from the refineries which are currently operating at an appreciable percentage of their nameplate capacities will help stabilize the fuel supply and distribution situation in the country.
It will be recalled that the federal government had earlier affirmed that the refineries would not be sold but joint venture partners with established track records of success in refining would be invited to support the running of the refineries in order to ensure efficiency reports.
Minister of State for Petroleum, Dr. Ibe Kachikwu stated in September 2015, that efforts were in top gear to fix all the crude and petroleum products pipelines across Nigeria.
Kachikwu commended the NNPC’s engineers for the successful execution of the ongoing phased rehabilitation of the refineries while urging them to prepare a replacement programme for obsolete spare parts of all the corporation’s installations in order to avoid intermittent shut down of facilities.
On her part, the Managing Director of Pipelines and Products Marketing Company Limited, Mrs. Esther Namdi-Ogbue, assured that the company would think outside the box to provide solutions to all the challenges confronting it.

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Saraki, IMF boss, Lagarde meet over Nigeria’s economy
Senate President, Dr. Abubakar Bukola Saraki will today hold crucial meeting with the Managing Director of the International Monetary Fund, IMF, Ms. Christine Lagarde, over Nigeria’s economy, particularly the recent global developments and their impact on the country. Lagarde is currently on a four-day working visit to Nigeria.
A statement by the Special Adviser to the Senate President on Media and Publicity, Yusuph Olaniyonu, noted that falling oil prices at the international market has negatively impacted on the nation’s oil revenue, external reserve and increased pressure on the Naira at the foreign exchange market.
The statement disclosed that the meeting, which would hold at the National Assembly, Abuja, involves other principal officers of the upper legislative chamber.
It said the meeting of the Senate leadership with the IMF chief will be coming after a similar exchange Lagarde had with President Muhammadu Buhari and other managers of the nation’s economy.

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