The Federal Government says the deregulation of the petroleum downstream sub-sector would enable it to rake in over N1trn annually for the development of the country.
The Minister of State for Petroleum Resources, Timipre Sylva, told newsmen in Abuja on Thursday that with deregulation, the government would fix the moribund refineries in the country to make them commercially viable and create more jobs for the citizens.
“Talking about refineries; what we’ve done is to sequence the rehabilitation of the refineries. We’re going to start first with Port Harcourt refinery.
“In Port Harcourt, we have two refineries; the old refinery and the new refinery with 60,000 and 250,000 barrels capacity respectively.
“Now, there’s going to be a third refinery within Port Harcourt which is going to collocate, it’s going to be a private refinery in Port Harcourt.
“That project will be signed in the fourth quarter of 2020. And by the first quarter of 2021, work will start in earnest. Discussions are ongoing with rehabilitations of Warri and Kaduna as well.
“It’s time for Nigerians to face reality and do the right thing. What is deregulation going to do? It’s going to free up a lot more money.
“At least, from the very beginning, it’ll save us up to a trillion and more every year. Already, we’ve taken up the budgetary provision for subsidy which is about N500bn in the budget.
“Also, we’ve taken off the excess forex price that special rate given to NNPC which also came at a cost. So, all the money that we used to defend the Naira at that time to subsidise the dollar will now be freed up for development.
“Go Back To Your House”! Protesters Block Lagos Monarch’s Convoy (VIDEO)
As the #EndSARS protests continue, Lagos State Monarch, Oba of Epe, was sent back home by protesters who blocked his convoy today.
Epe is a riverine community in Lagos State which is the hometown of Ex governor Ambode.
We Die Here!! Edo People Defy Obaseki’s 24-hour Curfew, Chase Away Policemen (PHOTOS)
Despite the 24 hours curfew imposed by the state governor, Godwin Obaseki, Edo people blocked the ugbowo Lagos road.
They also chased away police officers deployed to Uniben main gate this afternoon.
While in Satan Market, Sapele Road, Benin City. Some protesters were seem engaging soldiers in a gun duel. A woman was reportedly shot dead in the process.
BREAKING: Lagos Government Imposes 24-hour Curfew
Following the raging #ENDSARS protests and demonstrations, Lagos Governor Babajide Sanwo-Olu has declared a 24-hour curfew.
Sanwo-Olu announced this on his official Twitter handle on Tuesday.
He said: “As government who is alive to it’s responsibility and has shown commitment to the #EndSars movement,we will not watch and allow anarchy in our state.
“I therefore declare a 24 hour curfew in the state starting from 4pm today,nobody except emergency responders and essential service providers should be found on the streets.”
Details shortly …
Entertainment9 months ago
See Photos From The Wedding Of Catholic Rev Sister Who Left The Convent To Marry Her Boo
News6 months ago
PHOTO: North Korea’s Leader, Kim Jong Un Dies After Heart Surgery, His Sister To Take Over
News6 months ago
BREAKING: Saudi Arabia Suspends Ramadan Prayers Globally, Tells Muslims What To Do
News7 months ago
BREAKING: Queen Elizabeth Tested Positive For Covid-19, Buckingham Palace Confirms
News2 days ago
Multichoice Breaks Silence, Reveals Why All Stations Are On For Viewers
Crime6 months ago
ABOMINATION!!! Youngest Alaafin’s Queen Chased Out Of Palace For Cheating With Fuji Musician, Wasiu Ayinde
News5 months ago
BREAKING: Buhari’s New Chief Of Staff, Gambari Resigns Appointment
News7 months ago
Fears!! One Dies On Bus, 32 Others Tested As A New ‘Hantavirus’ Breaks Out In China