It said
the corporation still holds on to oil revenues without effective rules or
oversight, adding that despite Buhari’s personal resolve to curb graft in
Nigeria’s oil industry, the corporation in the second half of 2015 made up to
$6.3 billion from sales of export crude, domestic crude and oil from its
subsidiary the Nigerian Petroleum Development Company (NPDC), out of which only
$2.1 billion was entered into the Federation Account.
But as
NNPC grapples with ending the perennial fuel shortages in the country, a report
from the Natural Resource Governance Institute (NRGI), a UK-based natural
resources accountability group, has shown that under President Muhammadu
Buhari, the state-run oil firm has continued to withhold billions of dollars in
oil revenues from the treasury.
He said:
“The aim is to leverage on the existing facilities to fast track the take off
of the refineries as soon as possible.” Also, Kachikwu has waded into the
lingering crisis in the Independent Petroleum Marketers Association of Nigeria
(IPMAN) with the aim of ending the fuel shortages in the country.
In its bid
to reduce fuel importation in the foreseeable future, the Nigerian National
Petroleum Corporation (NNPC) has said that nine companies have submitted bids
for the co-location of new refineries within the complexes of its three
existing refineries in Kaduna, Warri and Port Harcourt.
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