*Says PIA will boost per capita consumption of the productThe Nigerian National Petroleum Company Limited will again make a deduction of roughly N200 billion from the joint federal, state, and local government account when the Federation Account Allocation Committee meets later this month to share the statutory monthly allocation.
While lamenting that the North-west zone of the country consumes only four per cent of the cooking gas consumed in the country, the federal government also stated that the recently signed Petroleum Industry Act of 2021 would increase the per capita consumption of gas in Nigeria. However, the overall crude oil lifting by the newly rechristened company almost doubled in September, according to the national oil company during the presentation which held on the 17th of November.
“Domestic gas and other receipts in the month was N6.78 billion. The domestic gas in the month was N4.07 billion. Feedstock valued at $59.43 million was sold to Nigeria LNG during the period out of which $52.57 million was received during the month. “The October 2021 value shortfall of N199,007,758,422.75 is to be recovered from the November 2021 proceeds due for sharing at the December 2021 FAAC meeting,” it emphasised.
In June, the NNPC told the nation that Nigeria was losing about 42 million litres of petrol to the activities of smugglers across the country’s borders, increasing Nigeria’s estimated daily consumption of 60 million litres to 103 million litres, thereby worsening the subsidy payment regime. To ameliorate the impact of the petrol subsidy, the federal government said it was planning to give N5,000 each to 40 million poor Nigerians.
The NNPC boss spoke during the presentation of the November edition of the World Bank Nigeria Development Update, titled: “Time for Business Unusual.” He said the declaration of Decade of Gas by President Muhammadu Buhari, was to reinforce Nigeria’s aspiration to leverage on its gas resources estimated at 206 TCF to develop the country’s national industrial, commercial and agricultural base.
He added, “The deliberate focus of this administration to develop the gas sector is largely the driving force behind NCDMB commercial intervention in partnering with the private sector, to establish Butane LPG bottling plant in several northern states including Katsina, Kano, Kaduna, Bauchi, Niger, and the FCT,” he stated.
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