Why fuel subsidy must go — NNPC

The Nigeria National Petroleum Corporation, NNPC, has said the only way to encourage investors to build more refineries in the country, is to create favourable business environment through deregulation of the downstream sector.

The Group Managing Director of NNPC, Mr. Andrew Yakubu, made the remarks while speaking at a capacity building workshop for energy journalists in Uyo, the Akwa Ibom State capital.

He noted that the current business environment in the sector was not conducive enough to attract investors because there was no guarantee investors would make returns that are commensurate with the investments.

According to him, “the media occupy a very important position in the scheme of things in Nigeria. In fact, globally, the media are part of every nation’s development process, provide the barometer to monitor and ensure that laid down procedures and processes are adhered to in every sector.

“The oil and gas sector therefore is

We don’t have $218m to remit — NNPC

The Nigeria National Petroleum Corporation, NNPC, has absolved itself of owing the Federal Government the sum of $218 million oil revenue.

The Group Managing Director of the NNPC, Mr Andrew Yakubu, said this while fielded questions from journalists at the workshop organised for Energy Reporters in Uyo, Akwa Ibom State.

The denial followed a directive by Senate to return the said amount to government.

In this regard, Yakubu said the Corporation will continue to engage the National Assembly over the non-remittance of funds to the Federation Account.

“We will continue to talk and see may be by and large they will have a change of mind,” he said.

Recall  that the Senate had on Thursday, during the presentation of the Finance Committee report,