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NNPC secures oil pipelines with N15.5bn in one month

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Nigerian National Petroleum Corporation (NNPC) secured oil pipelines, including their maintenance in month of November 2018 to the tune of N15.5 billion, document sighted by New Telegraph has revealed.

Analysis of breakdown of the cost incurred also covered marine distribution and strategic holding. Going by detailed presentation of the breakdown believed to have been presented to the Federation Accounts Allocation Committee (FAAC) in line with agreement that all expenses incurred by oil firm be presented to FAAC for reimbursement, showed that the sum of N1,556,985,671.03 was spent on security and maintenance; pipeline and other facilities repairs cost N154,293,264.32; marine distribution N8,746,257,727.19; pipeline management cost gulped N3,353,698,696.33 and strategic holding cost N1,724,039,089,22.

This was as the corporation incurred oil subsidy to the tune of N623.16 billion between January and November this year, according to NNPC in its presentation before FAAC meeting.

The state-owned oil firm is the sole importer of Premium Motor Spirit (PMS), otherwise known as petrol, as major marketers and independent markers backed out on the premise of poor under recovery which put their participation at disadvantage position.

New Telegraph, December 26, 2018

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