Nigeria’s Costly Petrol Importation – CBN’s Revelation
The Central Bank of Nigeria (CBN) recently revealed that the Nigerian National Petroleum Corporation (NNPC) spends approximately $150 million monthly on petrol importation into the country.
Osagie Clement, a Principal Manager at the apex bank, shared this information during his appearance before the House of Representatives ad-hoc committee investigating the petrol price hike.
He emphasized that the CBN has no control over the price of premium motor spirit (PMS) or the dollar.
Due to a decrease in demand, PMS consumption has reduced by 30 percent, adding urgency to the need for local refining and discouraging importation.
Port Harcourt Refinery’s Operational Plans – President Tinubu’s Announcement
On Wednesday night, President Bola Ahmed Tinubu announced that the petroleum refinery in Port Harcourt is set to commence full operations by December 2023.
The National Presidents of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), Joe Ajaero and Festus Osifo, confirmed this statement after meeting with the President at the State House in Abuja.
The Organised Labour expressed their satisfaction with the President’s series of promises, which prompted their decision to return to the negotiations table.
President Tinubu’s Promises Earn Nationwide Support
Following the President’s assurances and the news of the impending refinery operations, the Organised Labour praised Nigerians for their unwavering support during the nationwide protest against fuel subsidies’ removal and the Tinubu government’s anti-people policies.
With hopes of increased local refining capacity and reduced petrol importation costs, the nation looks forward to a positive shift in the energy sector.
Read More On The Topic On TDPel Media
Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn