The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has said that Nigeria will stop the importation of petrol, when the Petroleum Industry Act (PIA) comes into full effect, and when the Dangote Refinery kicks off operations.
He made the disclosure when he appeared before members of the House of Representatives Committee on Finance during a hearing on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
Representatives of the Fiscal Responsibility Commission (FRC) present at the hearing informed the lawmakers that the NNPC has been declaring losses since 2018, but a substantial surplus in 2019.
While responding to questions on the Dangote Refinery, the NNPC chief justified the Federal government’s equity share in the plant.
He explained that taking equity in Dangote Refinery was well thought out, saying the country now has a venture that would ensure the production of millions of litres of petrol in the country.
“Our decision to take equity in the Dangote Refinery was a very calculated and conscious decision,” Kyari said. “Today, we import 100 per cent of our petroleum products into this country.
“You now have a venture that will produce close to 50 million litres of petroleum product in this country where energy is an issue in every country, including the United States of America; no country will allow any venture of this nature to exist without having a seat on the board of the company.”