In a significant development for Nigeria’s energy sector, the Port Harcourt Refining Company (PHRC) Ltd, located in Rivers State, has officially begun processing crude oil. The announcement was made on Tuesday by Olufemi Soneye, spokesperson for the Nigerian National Petroleum Company Limited (NNPCL). A New Chapter for Nigeria’s Energy Independence Soneye described the refinery’s start-up as a “monumental achievement” for the nation, marking a pivotal step toward energy independence and economic progress. “Today marks a historic moment as the Port Harcourt Refinery begins crude oil processing. This milestone ushers in a new era of energy self-reliance and economic prosperity for Nigeria,” the statement read. The announcement also acknowledged President Bola Ahmed Tinubu, the NNPC Board, and GCEO Mele Kyari for their dedication to seeing the project through. Key Milestones and Future Plans Truck loading operations also commenced on the same day, signaling the refinery’s readiness to contribute to Nigeria’s energy supply chain. Meanwhile, efforts are underway to restore operations at the Warri Refinery as part of NNPCL’s broader strategy to enhance domestic refining capacity. This development follows several missed deadlines, making this achievement a major step forward in addressing Nigeria’s long-standing challenges in refining crude oil locally. Looking Ahead The resumption of operations at the Port Harcourt Refinery is expected to reduce Nigeria’s dependency on imported refined petroleum products, stimulate economic growth, and create job opportunities. Stay updated as the NNPCL moves closer to completing the test run phase, with full operational capacity expected by January. Keywords: Port Harcourt Refinery, crude oil processing, NNPCL, Nigeria energy independence, Warri Refinery, local refining capacity, Mele Kyari, economic growth, Bola Ahmed Tinubu, Nigerian oil sector. READ ALSO:
The Federal Inland Revenue Service (FIRS), Nigeria Customs Service, and Nigeria National Petroleum Company Limited (NNPCL) announced on Monday that they exceeded their respective revenue targets for the current fiscal year. During a session with the Joint Committee on Finance, Budget, and National Planning on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP), key agency leaders provided updates on their performance. Record-Breaking Revenue Achievements FIRS Chairman Zacchaeus Adedeji reported significant progress, stating that all revenue components surpassed expectations. For instance, N5.7 trillion was generated from company income tax, far exceeding the N4 trillion target, while education tax collections reached N1.5 trillion against a N70 billion target. Overall, FIRS realized N18.5 trillion out of the N19.4 trillion target by the end of September, with the expectation of further surpassing the annual projection. NNPCL’s Group Chief Executive Officer, Mele Kyari, shared that the company exceeded its 2024 revenue projection of N12.3 trillion by reaching N13.1 trillion before the third quarter’s end. For 2025, NNPCL aims to remit N23.7 trillion to the federation account. Similarly, Nigeria Customs Service Comptroller-General Bashir Adeniyi disclosed that as of September 30, the agency had generated N5.352 trillion, surpassing the N5.09 trillion 2024 target. Customs also set ambitious goals of N6.3 trillion for 2025 and annual 10% increases for subsequent years. Lawmakers Question Excessive Borrowing Despite these successes, lawmakers voiced concerns about the government’s reliance on borrowing to fund capital projects. Senator Adamu Aliero (Kebbi Central) questioned why borrowing persists despite strong revenue performances. In response, FIRS Chairman Adedeji clarified that borrowing is part of the National Assembly-approved appropriation act, ensuring that the executive operates within the legislature’s framework. Similarly, Budget and Economic Planning Minister Senator Atiku Bagudu emphasized that borrowing is necessary to address budget deficits, including the N9.7 trillion gap in the 2024 budget. Finance Minister Wale Edun reiterated that despite increased revenue, borrowing remains crucial for comprehensive budget funding, especially for developmental projects targeting the most vulnerable populations. Immigration Service Under Scrutiny The Nigeria Immigration Service faced backlash over a controversial private-public partnership (PPP) for passport production. The agreement, which allocates 70% of proceeds to a consultancy firm and only 30% to the government, was deemed “unacceptable” by committee chair Senator Sani Musa. He demanded a review or cancellation of the arrangement, instructing the agency to present all relevant documents by the end of the week. Looking Ahead For 2025, the government projects total revenue generation of N49.7 trillion, signaling continued efforts to optimize resources while addressing structural budgetary challenges. READ ALSO:
Kindly Share:
According to Aliko Dangote, chairman of the Dangote Refinery, his facility has enough gasoline on hand to end fuel lines for up to 12 days. Following President Bola Tinubu’s meeting with members of the local currency implementation committee for the sale of crude oil and refined products, which is chaired by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, he made this statement in response to inquiries from State House correspondents. According to Dangote, the Lagos refinery can generate more than 30 million liters of gasoline per day, depending on demand from local retailers and the Nigerian National Petroleum Company (NNPC). We currently have 500 million liters in our tanks. This stock can support the nation for more than 12 years even in the absence of imports or production. days. We are more than prepared to increase production as necessary and provide at least 30 million liters per day,” he stated. READ ALSO Fuel lines still exist in Nigeria’s major cities despite these guarantees, which irritates the populace. Dangote clarified that his function as a producer does not include retail when questioned about the disparity between his statements and the situation on the streets. “Retail is not my line of work. You could hold me responsible if I was. The fuel we have on hand has to be picked up by retailers. We have what they require. There won’t be any lines at filling stations if they come and get the fuel. Keeping fuel costs me money every day. within our tanks,” he declared. The businessman was confident that the current shortages would be greatly reduced if stores were prepared to purchase fuel from his refinery. “I see no reason why they wouldn’t come and collect our product for distribution if they have been able to import 55 million liters,” he stated. After what he called a fruitful conversation with President Tinubu about the future of Nigeria’s gasoline supply, Dangote voiced hope. He emphasized the significance of the talks, which focused on using a market-determined exchange rate for petroleum products and crude oil. “You heard the remarks made by the chairman of the committee on petroleum products, crude oil, and naira. After a productive meeting, we decided that NNPC would purchase crude only similar to any other marketer. “This is a big step forward,” he stated. About 300,000 barrels of crude oil have been allotted to Trigo Refining and Petrochemical Company, according to Dangote, for the manufacturing of liquefied petroleum gas (LPG), gasoline, aviation fuel, and other petroleum products. The function of Afrexim as a settlement bank between Dangote and NNPC, which enables more seamless transactions in the crude oil market, was also discussed at the meeting, he said. “This initiative will revitalize a variety of industries, including plastics and aviation,” he said. Dangote admitted that current consumption levels may change due to increased prices, but he nevertheless expressed confidence in the refinery’s ability to supply local demand. As our capacity increases to roughly 420,000 barrels per day, we will have the ability to to completely satisfy the market,” he clarified. Edun previously gave President Tinubu an update on the implementation of a plan to sell crude oil to regional refiners in naira, based on their meeting. “The initiative enables local refiners to buy crude oil and sell their products to the Nigerian public in naira,” he said. Establishing market pricing for petroleum products is what we have accomplished. This puts our economy on the route to industrialization, especially when combined with market pricing for foreign exchange. Edun voiced confidence in Nigeria’s path toward industrial development, even though he acknowledged that there are still obstacles to overcome. “We now see a clear path toward modernizing our economy, even though it’s early days and much work remains,” he said. In the meantime, yesterday the NNPCL raised the Premium Motor Spirit (PMS) pump prices range from N998 to N1,025. The hike, which is effective immediately throughout its whole retail location, amounts to a N27 per liter rise. The most recent increase supports the Daily Sun’s exclusive news from Monday that fuel marketers have agreed to evaluate gasoline price increases once a week. On October 9, 2024, NNPC Retail raised the price of gasoline at the pump from N855 per liter, which was established in September, to N988. The recent spike has angered drivers, who claim the government is making life intolerable for the typical Nigerian. Drivers, primarily commercial bus drivers, claimed in separate interviews with the Daily Sun that the weekly fluctuations in gas prices are reducing their profit margins. The Association of Nigerian In a recent statement, the Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) expressed alarm about the growing prices of gas at the pump in Lagos and Abuja, cautioning that this might set off a chain reaction of economic hardship throughout the nation. The costs, which have increased to N998 and N1,030 per litre, respectively, are putting strain on households and businesses across the country, according to a statement issued by Mr. Dele Oye, national president of NACCIMA. He cautioned that the price increase may increase the cost of transportation, exacerbate inflation, and have a major impact on small and medium-sized businesses. Oye emphasized that a comprehensive evaluation of the economic effects is necessary, particularly with regard to the costs of goods, services, and transportation. Since fuel prices directly affect transportation costs, this increase will act as a trigger for Concerned about the rising cost of gas in Lagos and Abuja, the Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) recently issued a statement warning that this might set off a chain reaction of economic suffering throughout the nation. According to a statement issued by Mr. Dele Oye, national president of NACCIMA, the prices, which have increased to N998 and N1,030 per liter, respectively, are putting strain on households and businesses across the country. He cautioned that the price increase might have a major impact on small and medium-sized businesses, increase transportation
