Nigerian National Petroleum Company Limited (NNPCL) has disclosed that Nigerians have lost massive infrastructure development due to the protracted fuel subsidy regime in the country.Information Guide Nigeria
According to NNPC, the federal government spends as much as N4.8 trillion yearly on fuel subsidy at the expense of the overall well-being of the Nigerian people.
Senior Business Advisor to the GCEO, NNPCL, Mr. Lawal Musa while giving an analysis of the opportunity cost of the subsidy spending in Abuja yesterday, said the amount spent on fuel subsidy payment can provide Nigerians basic infrastructures including 7,500 kilometres of road network every year at N400 million per kilometre; 37 well-equipped 120 Beds Tertiary Health Centres every year at N452 billion per hospital, among others.
During a joint National Association of Nigerian Students (NANS)/Civil Society Organisations sensitization workshop on the operations of the NNPCL, in Abuja, Mr. Lawal Musa said the cost of fuel subsidy far outweighs the direct benefits particularly to the masses.
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He said deregulation of petrol can deliver up to 500,000 new houses, provide additional 27,000 megawatts of electricity to Nigerians and also educate and skill up to two million students at all levels.
LEADERSHIP reports that Musa said, the petrol sells lowest price in Nigeria among most African countries despite the average cost of $2.7 per litre globally, which amounts to up N570 per litre.
Recall that the Chief Strategy and Sustainability Officer of the NNPCL, Mrs Oritsemeyiwa Eyesan, represented by Mr Vincent Ogbu, her Business Advisor, Eyesan said NNPC’s strategic ambition is driven by three mandates – attain ‘profitability’ and ensure energy security’, while ‘future proofing’ the organization.NYSC Portal
Eyesan who gave an overview of the New NNPC and its vision for the future, said the new entity is now incorporated as a commercial company to be run like any other private company in the country, following the promulgation of the Petroleum Industry Act (PIA) 2021.
Also speaking, national president of NANS, Usman Barambu, thanked the NNPC for the workshop to enlighten the students on the new structure and operations of the oil company and said they will continue to engage with the company for the better good of students and Nigerians.
NNPCL group chief communications officer, Garba Deen Muhammad, noted that NNPC is engaging with students as critical stakeholders in the new organisation which now belongs to over 200 million Nigerians including the Nigerian students.JAMB Result
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