The All Progressives Congress, APC, has called on
President Muhammadu Buhari to discard the Petroleum
Industry Bill, PIB, cancel ongoing offshore processing
agreements and discontinue the fuel subsidy regime.
The APC in its recommendation to the President, also
stated that the Nigerian National Petroleum Corporation,
NNPC, is indebted to its eight joint venture (JV) partners
to the tune of $3.5 billion, about N7 billion, stating that
the debts have ballooned over the years.
Details of the report obtained from Bloomberg, quoted
the APC as saying that the NNPC paid $6.9 billion out of
the $10.4 billion it owed, adding that the difference of $
3.5 billion was covered by loans from international oil
companies.
The APC report said, “These debts are costly and
opaque, and they erode the NNPC’s bargaining power
with the oil companies. Nigeria’s inability to fund its
joint-venture budgets is delaying projects, reducing
production, and lowering revenue collection for the
nation.”
The APC further stated that the president should sell off
some subsidiaries of NNPC, discard the PIB and replace it
with a new Bill that’s based on discussions with
international oil companies to ensure all perspectives
are adequately considered.
Kayode Fayemi, APC’s policy director, confirmed the
authenticity of the document, noting, however, that the
report is not the final position of the government.
The report advised the Presidency to cancel, within its
first 100 days in office two ill-suited and costly offshore
processing agreements that were signed in the fourth
quarter with Aiteo Eastern E&P Company Limited and
Sahara Group of 90,000 barrels per day each.
It called on the government to sign simpler swap
agreements with highly competent trading companies
through a tender process.
The APC report recomm- ended a review of audits and
corruption allegations against the NNPC, within the first
100 days of the administration, adding that after 18
months, the government should seek to commercialize
the NNPC, possibly partially listing the entity and selling
off its fuel-retailing and refining business.
www.vanguardngr.com/2015/06/discard-pib-cancel-offshore-crude-processing-contract-apc-tells-buhari/

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hmm

OK nau! It has 'setted'

Which People be the joint ventures partners

PDP is telling him APC is telling him

mr B come make I tell you