Kachikwu Unveils New Policy Direction For Nigeria’s Petroleum Sector
The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Ibe Kachikwu has unveiled the policy thrust of the Oil and Gas Industry under his watch saying the sector would be headed towards finding more oil, finding more gas and shoring up the revenue profile of the Federal Government from the Petroleum Sector.
Dr. Kachikwu in his maiden engagement with top echelons of all the agencies in the Ministry after the swearing in ceremony of the Ministers at the State House in Abuja said the Petroleum Industry Bill would also receive accelerated attention that would get the buy-in of all relevant stakeholders.
The Minister confirmed that President Muhammadu Buhari has given approval for the payment of the outstanding subsidy claims of N413 billion for the marketers revealing that a letter is being forwarded to the National Assembly for their approval for onward payment of the claims.
He noted that gas development and gas infrastructure would also take center stage in order to mop up some of the stranded gas adding that a lot of energy would be deployed to Gas-to-Power, Gas-to-Industry and gas for domestic use. Dr. Kachikwu stated that the daily fuel consumption in the country is close to 35 million litres per day. He said the crude direct sales and direct purchase initiative has saved over USD 200 million for the Country.
He noted that the Ministry and all its departments and agencies would also focus on putting controls in place and introduce cost-cutting measures in order to increase the revenue stream of the Federal Government.In her earlier remarks, the Permanent Secretary of the Ministry, Dr. Jamila Shu’ara described Dr. Kachikwu as an intelligent technocrat who would pilot the Oil and Gas Industry to the next level.
She expressed the readiness of all the staff of the Ministry, Departments and Agencies to give the Minister all the required support to enable him to succeed in the onerous task of generating revenue for the Federal Government.