The sum of N22.7 billion has been paid to petroleum products transporters in Nigeria by the Federal Government for bridging claims.
Speaking at a meeting in Lagos, Mr Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), disclosed in order to ensure easy distribution of petroleum products in Nigeria, another sum (N30 billion) is also expected to be paid to petroleum transporters within the week.
“Another area of concern is the transporters and payment of their bridging funds. Since the last meeting in December, we have paid about N12.7 billion to the transporters and on Jan. 24, we paid another N10 billion.
“This week, we are paying another N30 billion to transporters in a bid to give them respite because of the difficulties they are facing with the economic realities.”
Noting that regulations are being put in place by the Presidential Steering Committee chaired by the Minister of State for Petroleum Resources for the implementation of the Petroleum Industry Act 2021, Ahmed revealed that out of 38 regulations related to the NMDPRA, eight drafts have been received by the authority for review.
“The intention is to review these regulations and invite all the stakeholders to get input because we do not intend to do this alone.
”We need to invite stakeholders to review the regulations before they are put in place because the PIA is here to stay,” Ahmed said.
Also speaking at the interactive session, Adeyemi Adetunji, the Group Executive Director, Downstream, NNPC Ltd. assured that NNPC would play its role by ensuring constant flow of petroleum products while ensuring that it keeps to quality standard.
“We will continue to ensure that all petroleum products are available.
“NNPC will continue to put in place and supply the market with adequate petroleum products even as we are now NNPC Ltd., a fully commercial company governed by both the PIA and Companies and Allied Matters Act,” Adetunji promised.
