The Nigerian National Petroleum Corporation has said it was running at a loss insisting the pump price rate of N145 per litre for Premium Motor Spirit. (PMS) was the bane of its revenue drive.

The new Group Managing Director of the NNPC, Mele Kyari offered the disclosure on Wednesday when the heads of revenue generation agencies and corporations met with the leadership of the Senate at the National Assembly complex in Abuja. It was part of the Senate leadership interface with such agencies aimed at boosting revenue for the country.

Kyari said the pump price of PMS otherwise known as petrol in Nigeria was over 70 per cent less the price of N350, per litre in the neighbouring countries where the products were being smuggled to for higher profits.

He further noted that the Nigerian pump price of N145 was the cheapest in the entire West African Sub-region.

He said:” It is even very difficult for us to make the Petroleum Product available at N145″.
Speaking on upstream sector investment the NNPC GMD expressed concern that Nigeria was yet to earn the volume of revenue it generates from crude oil from its gas production.

He disclosed that its daily production of crude oil has recently increased to 2.3million barrel daily production compared to 1.6m barrel recorded on daily basis in 2016.

He assured the Senator that the corporation would meet the revenue projection of the Appropriations Act since according to him, the NNPC was working tirelessly with the customs and security agencies in controlling and containing cross border activities of the oil smugglers.

In his own submission, the Director of Department of Petroleum Resources ( DPR), Rufai Ahmed Ishaku, called on the National Assembly for the speedy passage of the Petroleum Industry Bill, as he expressed the hope that it would significantly transform the oil and gas industry and attract revenues.

In his presentation, Controller General of Custom, Hammeed Ali informed the lawmakers that Custom Service has generated N653.3 billion by the end of June 2019 adding that N1.202 trillion in 2018.

“We collected N1.202 trillion in 2018 and as of June this year, we have collected N653.3 billion. We will surpass 2018 revenue by the end of the year, he assured.

The Chairman of the Federal Inland Revenue Services ( FIRS), in his own submission, informed the Senate leadership that in the last 2 months, FIRS has generated about N6.5 billion.

He added that by the end of this quarter, the agency would have been able to generate about N500 billion from its aggressive revenue drive in meeting the projections made in the 2019 budget.

The President of the Senate, Ahmad Lawan told chief executives of the revenue agencies that the purpose of the collaboration was to gear them up in making more revenues for the government for effective and efficient budget implementation.

” It is very worrisome that the country within the last few years have been resorting to borrowing from external lenders for implementation of capital components of the yearly budget.

” This is not good for the country economically when we have agencies that can assist in generating revenues at home for the execution of such projects.”

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So after lying about not paying subsidy while terming it the "subsidy under-recovery" shit? Guess the lies can hold water again? It's so disgusting that the APC govt is the first to lie shamelessly & test the collective intelligence of Nigerians with the populace staying docile

Meanwhile, where are all the Occupy Nigeria/Save Nigeria Group and the mummified zombies of this present useless govt? Dont you guys think Nigeria desperately needs to be salvaged from the clueless- ness of the present govt? Damned hypocrites & traitors.

What enlightened youths saw while sitting down on a chair, BMC and all their gullible minions can never see it even on a skyscraper-Robert Mugabe (1856)

All the church demonstrators and camp invaders , should not keep quiet over , the real tormentors of Nigeria. And l humbly advise that they should take their agitation to where the tormentors- in-chief are in various government houses beginning from Aso rock .

Please increase it I can afford but zombies can't