NNPC says it will remove fuel subsidy and hand over Nigerian refineries to private firms after full repairs

04/11/2020

Posted by: Oluwaseun Solomon

Share this post:
NNPC boss has revealed plans of the Corporation to hand over Nigerian refineries to private firms after full repairs. The brief report is here!

While people are still talking about the price of petrol that dropped dramatically from ₦145 to ₦125 over the past few months alone; NNPC boss – Mallam Mele Kyari has now revealed that the Corporation plans to hand over Nigerian refineries to private firms after full repairs.

NNPC-to-remove-fuel-subsidy-and-hand-over-Nigeria-refineries-to-private-firms

NNPC boss reveals plans to remove fuel subsidy and hand over Nigerian refineries to private firms soon

According to reports, Mallam Mele Kyari – the Group M.D of NNPC disclosed that once rehabilitation is completed on all the refineries of Nigeria, the Corporation will hand all of them over to the private firms based on Operation & Maintenance basis. The NNPC boss made this disclosure on the 8th of April, 2020 while explaining that F. G’s motive regarding this move is to allow investments from private sectors. In the reports, Mallam Kyari said;

“We are going to get an O&M contract, NNPC won’t run it. We are going to get a firm that will guarantee that this plant would run for some time.

"We want to try a different model of getting this refinery to run. And we are going to apply this process for the running of the other two refineries.”

Below is a post on the official Facebook page of NNPC that confirms this news:

 

Press Release: NNPC Will No Longer Run Refineries - Kyari … Says Fuel Subsidy Removal for Benefit of Ordinary...

Posted by Nigerian National Petroleum Corporation on Wednesday, April 8, 2020

Post on the official Facebook page of NNPC

Mallam Kyari also explained further in his press statement that this proposed model by NNPC is quite different from the failed ones of the past and it’s expected to yield a better outcome for refineries in Nigeria. According to Mallam Kyari, the removal of fuel subsidy which is part of this new plan should also benefit the general public rather than just the wealthy or affluent citizens as it is currently.

Meanwhile, if you are curious to understand how the rich citizens benefit from current fuel subsidy, watch the video below;

  Subsidy Removal: The Rich Mostly Enjoy The Fuel Subsidy - Moghalu

>>> Follow fresh updates like this on Naijauto by checking our -> News section daily

Share this post:
Oluwaseun Solomon

Oluwaseun Solomon

Market news

Oluwaseun Solomon is a prolific and diligent automobile writer at Naijauto.com. He's also an experienced digital marketer and a creative multimedia developer that specializes in video editing. He currently contributes informative and easy to read articles on topics covering transportation, traffic updates, auto industry updates, and different car reviews.
When Solomon is not writing, you will either find him composing music, editing videos or simply enjoying YouTube "TEDx Talk" videos with a chilled drink :)

Related Articles

Toyota Highlander 2008

Toyota Highlander 2008

₦4,300,000
2007 Toyota Avalon

2007 Toyota Avalon

₦2,600,000
2001 Toyota Camry

2001 Toyota Camry

₦1,300,000
Toyota Venza 2015

Toyota Venza 2015

₦8,000,000
See more
Covid 19