Oil & Gas
PH refinery: Again, Nigerians knock FG over endless take-off announcement
On Thursday, August 8, the Independent Petroleum Marketers Association of Nigeria, IPMAN, announced to Nigerians that the Port Harcourt Refinery would become operational in four weeks’ time, perhaps to meet the government’s August deadline of producing petroleum products.
The association went further to say that the refinery would equally be supplying between 10 and 12 million litres of petrol to marketers.
The IPMAN’s National Operations Controller, Zarma Mustapha, who let the cat out of the bag in an interview on national television, said the refinery would boost the supply of petroleum products in the country to about 11 to 15 million liters daily, and help ensure energy availability across the board.
According to him, the refinery was set to operate independently and sell at the prevailing market price with little or no government interference.
“There is this understanding that the Port Harcourt Refinery is going to perform independently and sell at whatever prevailing market price for them to recover their cost.
“It is not going to be run like a government entity as it has been before. I believe that the refinery coming up will really boost the demand and supply of PMS to nothing less than 11 to 15 million litres daily.
“I am confident and optimistic that this August deadline is going to be a realistic deadline. It will come on stream and fully produce all the necessary components that the refinery is supposed to produce,” he said.
However, instead of receiving the news with enthusiasm, Nigerians were rather skeptical considering the fact that several of such promises had been made in the past without any of them coming to fruition.
A segment of the society described the development as a harvest of promises with unending deceptions.
Some are of the opinion that the latest promise which is about the fourth in the series could still go the way of the previous ones, even as others have volunteered to give the government the benefit of the doubt.
Recall that earlier, Nigerians were told that the refinery would start operations in December 2023.
The Minister of State for Petroleum, Heineken Lokpobiri, had sounded optimistic about the December 2023 deadline, but at the end of the day, nothing happened, and no apologies were offered.
On Thursday, March 13, 2024, Nigerians were again greeted with the news that the Port Harcourt Refinery would become operational in two weeks’ time.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, assured Nigerians that the rehabilitated Port Harcourt Refinery would commence operations in two weeks. He made the revelation at an interactive session with the Senate.
He assured Nigerians that the delivery date of the Port Harcourt and other refineries remained sacrosanct.
According to the NNPCL spokesperson, Olufemi Soneye, in a statement, Kyari said: “We will make sure that promises that we made about the rehabilitation of these refineries are kept. We completed the mechanical completion of PHRC in December.
“Now, we have crude oil already stocked in it. It is currently undergoing regulatory compliance tests before we re-stream it. I assure you that this refinery will start in next two weeks
“For the Warri Refinery, we have also done mechanical work on it. It is undergoing regulatory compliance processes that we are doing with our regulators. Kaduna will be ready by December this year, but we have not reached that stage. We believe that it will also be ready on schedule.”
Kyari noted that the Port Harcourt refinery had received 450,000 barrels of crude for processing since the mechanical completion of the plant in December last year.
He called for the cooperation of all stakeholders in the rehabilitation process, saying, “We are all serving this country dutifully and loyally. Nigerians must understand that gradually, we shall get this task done.”
The statement added that the Senate Ad-hoc Committee was expected to visit the three refineries in Kaduna, Warri, and Port Harcourt soon for an on-the-spot assessment of work progress.
The two week’s ultimatum ended in April and the refinery did not even produce a litre of petrol. Most Nigerians were not surprised as they never even believed the statement when it was released.
Again, on Monday, May 20, the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, promised Nigerians that the 210,000-barrel-per-day Port-Harcourt Refinery would finally commence operations by the end of July after several postponements.
He stated that the development would stimulate economic activities, reduce the price of petroleum products and ensure adequate supply.
Again, July came and ended without the Refinery working. Nigerians, again, did not give a whimper because they never took the statement seriously in the first instance.
So, the latest news that the PH Refinery would be operational in four weeks’ time did not receive cheers from Nigerians.
To many Nigerians, it has become a festival of promises. In fact, it has become a cliché to hear that the refinery, whether Port Harcourt, Warri or Kaduna, would work. Since 2015, when the ruling All Progressives Congress, APC, wrested powers from the Peoples Democratic Party, PDP, which held sway for 16 years, there have been promises of a turnaround maintenance of the Port Harcourt Refinery and others and their eventual operation, but none has ever come to fruition. It has all been deceptions couched in political statements to hoodwink the Nigerian masses.
So, when the IPMAN’s National Operations Controller, Mustapha announced on Thursday that the PH Refinery would begin operations in four weeks’ time, as an indication of the government’s preparedness to actually end fuel importation, not many were excited, as most people expressed skepticism, considering the past promises.
There are various views about the development. While some dismissed the news outright as mere political talks, others said even though such promises never produced any positive outcome in the past, they were prepared to give the government the benefit of the doubt this time round.
Those who believe that nothing would come out of it and that it was just mere political talks said it was akin to a political campaign promise where politicians promise that they would build bridges even where there is no river.
However, those who want to give the government the benefit of the doubt are of the view that even a liar would have a day when he would decide to be honest. To them, the government might have decided to turn a new leaf and do the right thing this time.
One of the proponents of those pushing that Nigerians should give the government the benefit of the doubt this time round is the president of Arewa Youth Consultative Forum (AYCF), Alhaji Yerima Shettima.
He said although he would like to remain optimistic this time round, he cannot blame those who don’t believe the government’s promise considering the previous promises about the same refinery, which ended with no positive result
The problem with the promise is just that we have a government that speaks from both sides of the mouth and previous promises have come and gone without fulfillment. So, even if this one is genuine, a lot of people will have a lot of doubts in their minds.
“But, I hope this will not be the same story because you cannot continue to say one thing today, and then tomorrow, you say another thing.
“Doing that will always put you on the defensive because you always want to say something, giving people hope without anything on ground to fulfill such promises.”
He advised the government to be honest and sincere with Nigerians, warning that deliberately lying to the people always would only provoke them to anger, which is not good for the society.
“The more you lie to the people about the refinery, the more you provoke people to anger. So, I am of the view that this time round, the government should try to live up to their promise.
“I am not part of those who don’t believe that things will work because I am always optimistic and I strongly believe that there will be light at the end of the tunnel. So, all they need to do is to re-programme themselves to be more sincere and honest to Nigerians,” he said.
He noted that the situation was so critical that the government just has to do everything possible to make sure that the refinery and other things work in the country.
He also advised that the leaders should not continue to give excuses because they knew exactly what the situation was before they went into office.
“We are in a critical period where people must have to understand that things are not okay and the government must also do something because they knew the problem before they took over the mantle of leadership.
“And to that extent, ours is to support them, and let them be honest to Nigerians, so that all of us will be able to survive this trying period,” he submitted.
But for a journalist and public affairs analyst, Nze Ezeocha, there is nothing cheery about the latest promise.
He noted that last year, the Minister of State for Petroleum, Heineken Lokpobiri told Nigerians that it would become operational before Christmas.
“Christmas passed and we reminded them about their promise and they gave Nigerians a fresh date, which also never came to reality.
“Now, we are being fed with another promise about the same refinery. This is the fourth time that the NNPCL and the Ministry of Petroleum Resources are telling Nigerians that the PH Refinery would be operational in weeks. And at the end of the day, nothing would come out of it.
“So, as far as I am concerned, I think this latest promise will end up like the previous ones. We have seen the brickbat between the NNPCL and the Dangote Refinery.
“Dangote is still insisting that it has not got enough crude from the NNPCL. Nigerians would like to know the kind of agreement Dangote had with the NNPCL.
“Dangote also demanded that the NNPCL should be mandated to direct the IOCs to be selling their crude to him. Did he not make adequate arrangements on how he will be getting crude before setting up a refinery?
“So, the whole thing about this oil refining in Nigeria is shrouded in secrecy and deception and the earlier the government comes clean on that the better for everybody in this country.
The president of the Middle Belt Forum (MBF), Dr. Pogu Bitrus, equally agrees with Ezeocha.
He stated that nothing would come out of the promise. He believes that the Nigerian attitude has not changed, and would not want Nigerians to build any hope around the promise to avoid suffering unnecessary heart ache.
“We do propaganda with everything. We politicise everything. The President doesn’t have to tell us that the Port Harcourt Refinery is on course when it is not fully on course. Let this government start to do things differently.
“When things are not right, rather than getting political capital by telling lies to Nigerians, they should come out to tell Nigerians the true situation of things,” he said.
Continuing, he said: “There is no point in deceiving the populace. Let them tell the truth and they will better be appreciated, rather than thinking that by telling lies, they are playing politics. They are instead dishonouring themselves, and Nigerians will lose confidence in them very soon.”
Also speaking, a legal practitioner and public commentator, IK Onodi also did not believe that the refinery would become operational in two weeks time.
He said such promises had been made in the past and none came to fruition, and because of that he would not believe anybody until he has seen that the refinery has actually started refining.
According to him: “It is said that action speaks louder than words. We were told last year when the Dangote Refinery was commissioned that it would start producing by July last year.
“From July last year till now is about nine months, and no drop of crude oil has been refined by the Dangote Refinery.
“We have been told times without numbers that the Port Harcourt Refinery and other refineries would come on stream very soon.
“If I were the government, I will not announce anything until the refinery starts producing and when that happens, I will tell Nigerians that this is from the PH or Warri or Kaduna Refineries. I will not believe it until I see it.”
For an independent petroleum marketer, Chief Dipo Lanre, the refinery might not likely work in four weeks as promised.
He, however, noted that he would not totally dismiss it but expressed strong reservation about the feasibility of the promise considering the past promises which never yielded any positive result.
“I pray that this time, the promise will be fulfilled. It should not go the way of previous promises about the refinery.
“Remember that during Olusegun Obasanjo’s administration, the same Port Harcourt Refinery was sold to Mike Otedola and Aliko Dangote, but the money was later returned to them.
“And since that money was returned to Otedola and Dangote, the refinery has not returned to operation; it has been promises upon promises. It has become a cancer to the Nigeria society.
“I am tired of the politics of that refinery. Politicians have used it to play politics since the Obasanjo era. What is a refinery anyway?
“What is the big deal in building a refinery? Since 1999 when the democratic governance returned, we could have built more than four refineries if we are serious.
“For almost 25 years, we have been playing politics with the refinery. Let it not be another round of deception this time
The Nigerian National Petroleum Company Limited has made a reduction to its ex-depot price of Premium Motor Spirit, commonly known as petrol, decreasing it from N1,020 to N899 per liter.
This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement released on Saturday.
The statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department indicates a reduction based on the regional pricing scheme.
The price indicated that marketers would buy the product at N899 per litre, matching the price offered by the Dangote refinery a few days ago.
Marketers purchasing from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.
The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.
“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”
Obele noted that the price reduction by the national oil firm is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.
He also expressed optimism that PMS prices will drop further before the end of January 2025, given the global decline in crude oil prices and the naira’s recent gain against the dollar.
Obele described the trend as a price war while he emphasized that the price reduction by Dangote Refinery and NNPCL demonstrates the benefits of competition and advocates for the immediate privatization of government-owned refineries.
The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.
However, the NNPCL spokesperson, Femi Soneye, is yet to confirm this development.
Reacting to this development, the National President of PETROAN, Billy Harry, said the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.
He said, “The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians.
“We commend NNPCL for responding to our call for affordable PMS prices.”
He also listed the benefits of the price reduction to consumers, including “Reduced transportation costs: With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.
“Increased economic activity: Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services.
“Improved standard of living: The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford necessities and enjoy a better quality of life.”
Harry also commended Dangote Refinery for its earlier price reduction, which he said had helped to stimulate competition in the downstream sector.
The PETROAN national official also hinted at a report submitted by PETROAN’s technical pricing team, warning that competitive pricing can lead to compromised product quality.
He further urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards.
“PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards which may arise due to competitive pricing,” he added.
Heineken Lokpobiri, minister of state for petroleum resources (oil), says Nigeria will conform with the production quota set by the Organisation of Petroleum Exporting Countries (OPEC).
On June 2, OPEC extended Nigeria’s production quota of 1.5 million barrels of crude per day (bpd) to 2025.
OPEC said Nigeria should maintain the production level till December 31, 2025.
The oil cartel increased Nigeria’s production level to 1.5 million bpd for 2024 at its ministerial meeting on November 30, 2023.
However, Nigeria has been producing below the quota.
Speaking after OPEC’s 56th joint ministerial monitoring committee (JMMC) on October 2, the minister said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation (DoC).
“Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country is in conformity with the agreed production limits,” he said.
“While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals, and continue to meet our obligations under the DoC.”
OPEC RETAINS PRODUCTION OUTPUT POLICY
At the meeting, the oil cartel and its allies, known as OPEC+, retained its oil output policy, including a plan to start raising output in December.
According to a statement by OPEC, the group reviewed the crude oil production data for the months of July and August 2024 as well as current market conditions.
“During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September,” the oil cartel said.
OPEC said the three countries reiterated their resolve to maintain full conformity and compensation throughout the remaining period of the agreement.
Final estimates of September’s crude oil production levels, according to the oil cartel, would be based on authorised secondary sources that would be accessible by the second week of October.
The oil alliance added that it will provide production figures for the nations that are part of the declaration of cooperation (DoC).
“The committee noted the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources,” OPEC said.
“The meeting was aimed at discussing September production details and submitting their revised compensation plans that include the August overproduction as per the submitted plans to the OPEC Secretariat while also emphasising the need for some members to make further cuts to compensate for overproduction.
“The JMMC emphasised the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024.
“The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.”
Furthermore, according to OPEC, the committee would continuously assess market conditions.
OPEC said the next meeting of the JMMC is scheduled for December 1, 2024.
Petroleum marketers have raised an alarm that the Nigerian National Petroleum Company Limited, NNPCL, portal used for the purchase of Premium Motor Spirit (Petrol) has been shut down against dealers, making it impossible to apply for the commodity.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike disclosed this in a statement on Wednesday.
According to him, marketers have more than 2,000 pending tickets for the purchasing of 45,000 liters of petrol.
He hinted that the situation may lead to another round of fuel scarcity nationwide.
“I can’t confirm the price now because the portal is still shut down.
“We have more than 2,000 tickets for 45,000 liters (of petrol). That is 45,000 multiplied by 2,000, you can now know the number of million liters it will be. This is just an estimate, you know I don’t work with NNPCL and I don’t know what is on their system,” Ukadike stated.
He added that a 45,000-litre truckload of PMS is around N39.5 million, making N79 billion when multiplied by 2,000.
Reacting to the development, the spokesperson of NNPCL, Olufemi Soneye admitted that the state-owned firm has a significant backlog to address.
He said that the portal closure was intended to prevent the company from holding marketers’ funds for an extended period.
Soneye assured that the portal would soon be reopened; however, he failed to state the date when it would happen.
“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye had explained.
“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he stated.
The development comes as Nigerians struggle with high energy costs.
Recall that NNPCL in September 2024 announced a fresh price increase for petrol nationwide after lifting the product from Dangote Refinery.
Nigerians currently buy petrol between N950 and N1,100 per liter nationwide.
The import of Automotive Gas Oil (Diesel) into Nigeria increased by 22.66 percent to 4.94 billion liters in 2023 from 4 billion liters in 2022.
The National Bureau of Statistics disclosed this in its latest Petroleum Products Distribution Data released recently.
The data also showed that 109.39 million liters of Diesel were locally produced in 2023, compared to 102.47 million liters reported in 2022.
This represents a 6.76 percent growth rate in locally produced diesel in Nigeria.
Comparatively, Nigeria heavily depends on the import of diesel to meet its consumption demand based on the NBS data for 2023.
On the other hand, the Data also showed that the import of Premium Motor Spirit (petrol) dropped 13.77 percent to 20.30 billion liters in 2023 compared to 23.54 billion liters in 2022.
Recall that in April 2024, Dangote Refinery commenced the domestic sale of diesel in Nigeria.
The Nigerian National Petroleum Company (NNPC) is prioritising supplying naira-denominated crude oil to the Dangote Refinery in the first phase of a naira-for-crude scheme, a development expected to positively impact the domestic fuel supply chain and enhance transparency.
Oil transactions in Nigeria are often conducted in US dollars, given the international nature of the oil market and the global reliance on the dollar for such trade.
However, the Federal Executive Council recently adopted a proposal by President Bola Tinubu to sell crude to Dangote refinery and other upcoming refineries in naira.
The federal cabinet approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot. The exchange rate will be fixed for the duration of this transaction.
Eche Idoko, publicity secretary of CORAN said the federal government had promised to only supply crude oil to the Dangote refinery as it was the “only refinery producing petrol”.
“We were present at the inaugural meeting where the federal government did make us understand that they would want to start the naira sales in phases. That they would start with refineries that are producing PMS first and extend it to other refineries and that’s where they are right now and we can say the first phase of the naira sales will start in October,” Idoko said.
“No other refinery (apart from Dangote refinery) is selling petrol at the moment but I know that there are other refineries working on their plants that would be producing petroleum like the Clairgold refinery which intends to produce PMS.
“There is also Aradel which is working on their PMS plant. There is also Azikel Petroleum Refineries, which is also working on producing PMS.
“The last I heard with respect to that arrangement, the October date still remains and we have spoken with people at Dangote and they said conversations are ongoing.”
However, he said the details of the transactions would be made known when the federal government makes the announcement.
“For instance, are they going to discounts as in the normal practice when you are selling crude to the international traders? If there is going to be a discount, that is what will guarantee the reduction in price of petroleum products,” Idoko said.
“We also want to know at what rate is the exchange rate pegged. Is the federal government intending to maintain the N1,600 exchange rate?”
He said Nigerians would know the potential price of petroleum products when all the details are unveiled.
On September 13, 2024, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced that the Federal Executive Council under the leadership of President Bola Tinubu approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira.
“From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.
The chairman of the Technical Sub-Committee is Zacch Adedeji, who doubles as chairman of the Federal Inland Revenue Service.
Dare Adekanmbi, the special adviser on media to the FIRS Chairman told Journalists that the committee is working day and night to ensure that things go according to plans.
The panel explained in September that this initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products across the country.
“Since then, the implementation committee chaired by the Minister of Finance and we, the technical committee, have worked intensely with NNPC and Dangote refinery to fashion out the details of the modalities for the implementation of the FEC approval,” Adedeji had stated.
While stating that crude would be sold to Dangote in naira from October 1, the committee chairman and FIRS boss said, “In return, the Dangote refinery will supply PMS (petrol) and diesel of equivalent value to the domestic market to be paid in naira.
“Diesel will be sold in naira by the Dangote refinery to any interested off-taker. PMS will only be sold to NNPC. NNPC will then sell to various marketers for now. All associated regulatory costs (NPA, NIMASA, etc.) will also be paid in naira. We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative.”
Adedeji explained that the technical committee that worked to flesh out the initiative would transition to an implementation execution and monitoring committee working out of Lagos for the next three to six months.
The committee, which includes Lydia Jafiya; the permanent secretary of the Federal Ministry of Finance; the FIRS boss, as well as representatives from NNPC, Central Bank of Nigeria, AfreximBank, and the Nigerian Upstream Petroleum Regulatory Commission, was set up to craft a robust template that will ensure the successful implementation of the initiative.
THE Nigeria Extractive Industries Transparency Initiative (NEITI), says outstanding collectible revenues due to the Federal Government in the oil and gas industry have risen to 6.071 billion dollars and N66.4 billion as at June 2024, respectively.
According to the News Agency of Nigeria (NAN), NEM disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and Gas Industry Reports.
The News Agency of Nigeria (NAN) reports that the report is being prefered by the NEITI Board and the National Stakeholders Working Group (NSWG).
The report was unveiled by Mr Ola Olukoyede, Chair-man, Economic and Financial Crimes Commission (EFCC), alongside Senator George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and other dignitaries.
He promise to address the findings that the industry owed the government $6 billion and N66 billion.
He disclosed that he has authorised the transfer of over #1 billion of funds recovered funds through previous NEITI audits, into the Federation Account.
“Over the years, as an anti-corruption agency in the country, we are part of the success of the work of NEITI.
Where the work stops at the level of presenting this report, then we take off from there to ensure that the recommendations therein and revelations therein particularly as relates to criminal infractions, and violation of our financial laws, it is taken up seriously.
“I am also happy to announce to you that as of yesterday (Wednesday), I still approved that over a billion so remitted to the Federal Government account as a result of the work of the last report of NEITI.
“Since then we have been making recoveries. We have cases in court we are prosecuting and with this report 2022 and 2023. We are also going to do everything within our power, deploying all our resources to ensure we implement the recommendations therein,” EFCC boss he said.
The breakdown of the report showed that outstanding liabilities were 6.049 billion dollars and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as collectible revenues by Aug. 31, 2024.
It also provided a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.
A further breakdown showed outstanding petroleum profit taxes, company income taxes, withholding taxes, and Value Added Tax (VAT), due to the Federal Inland Revenue Service (FIRS), amounting to 21.926 million dollars and N492.8 million as of June 2024.
On fuel importation, the latest NEITI report disclosed that a total of 23.54 billion litres of Premium Motor Spirit (PMS) were imported into the country in 2022, while 20.28 billion litres were imported in 2023.
This represented a reduction of 3.25 billion litres, or a 14 per cent decline, following the removal of the fuel sub-sidy.
A detailed 10-year trend analysis (2014-2023) in the NEITI report showed that the highest annual PMS importation into the country, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres recorded in 2017.
The NEITI report also disclosed that a total of N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714 trillion, recorded in 2022.
On crude production, fiscalised crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11 per cent decline.
However, in 2023, NEIT’s independent report revealed total fiscalised production of 537.571 million barrels, and 46.626 million-barrel or 9.5 per cent increase from total production recorded in 2022.
A 10-year trend (2014-2023) of fiscalised crude oil production in Nigeria showed the highest production volume of 798.542 million barrels was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.
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