With the Nigerian economy at a crossroads, the Ministry of Petroleum Resources, its agencies, and other pertinent stakeholders are set to interrogate the daily petrol consumption figure of 68 million litres, which analysis had suggest may be exaggerated. The move, according to reports gathered by Ireport247, is not punitive and is exclusively prompted by the need to lessen what the government spends to subsidize the product; so that more funds can be freed up and injected into vital areas in need of liquidity.
“The meeting would be an extended stakeholders’ meeting involving players in the petrol supply chain,” one source said.They will be present at the meeting, from the Nigerian National Petroleum Company (NNPC) Limited to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and others, because the Fedral Government wants to contain this massive hemorrhage wrapped around PMS consumption. The country is bleeding, and the economy is under severe strain. When the country is in shambles, we cannot fold our hands and pretend to be helpless. Let’s look at the numbers. It would aid in proper planning and budgeting for any petrol consumption.
“We recognize that it is a delicate matter; but saving the economy is a more pressing concern. We are aware that previous attempts to stray into this contentious area were fiercely opposed by vested interests profiting from this horror. However, we are now at a point where we must take decisive action to save the country, and no one is being singled out. We are not blaming anyone. It’s just a rescue mission to save a ship in a storm. Our resources are limited, and we cannot afford to encourage waste and fraud. Remember that the NNPC has not remitted to FAAC in a long time; and states are concerned. Many areas require funding, so we must plug the gaps.”
For years, relevant agencies that should have informed the public about daily gasoline consumption have remained silent, leaving room for speculation. According to the NMDPRA, Nigeria consumes 66.8 million litres of petrol per day. However, its figure differs from the NNPC’s position on the issue, which is 68 million liters. The differences in figures given by the petroleum ministry and other agencies undermine the government’s claim that it conducts a transparent subsidy regime. According to sources familiar with the upcoming meeting, there is reason to believe that the daily PMS consumption figure should not exceed 35 million litres because some firms have independently investigated the matter.