Oil Sector Reforms: FG Gets N850bn, 2012

The Minister of Petro
leum Resource, Mrs Diezani  Alison-Madueke has said  that over N850 billion was saved from reforms in the oil and gas sector  by the federal government in 2012.
The Minister had in a statement  over the weekend said the amount arose from  a N467.20 billion figure from the N32 per litre mark  in petrol pump price of January 2012 and the 412.30 billion litres per day  reductions down from the 60 million recorded in 2011  in the nation’s consumption levels.
According to her, inspite  of these  savings, we have also been able to maintain stability of products supply, while putting in place stringent  measures  which  would  make it difficult for dubious marketers to short change the system.”
Mrs Madueke while praising the efforts of President Jonathan for the  achievements said the FG was on top of the incidence of fuel subsidy scams and efforts geared towards  transparency and accountability were yielding positive results.
She said the reforms in the oil and gas sector was working largely to the  decision of government in addressing the issues of unwhole some practices in the industry.
The Minister said the reform initiatives which include capacity  building for department and  agencies under the ministry of Petroleum Resources, restoration of credibility in the production and supply of products and distribution among others for traders and suppliers to the Nigerian market.
She further said that the conduct of monthly  and mid quarter  import performance  review  meeting with stakeholder through effective mediation helped build the confidence in fuel importation regime with uncertainties in budget approvals delays amongst others, which has ensured that products supply to Nigerians were unfettered .
“Over N50 billion of private investment was realised in the  down stream sub-sector supply and distribution infrastructure alone in 2012 employing thousands of Nigerians and contributing to our economic  growth.
“Such a staggering net-flow of investment has also led to the rolling out of private mega-filling  stations across the country’s renewed investment in modern vessels and IT-driven   depots all along  the coastal areas  of the country from Lagos to Calabar” the Minister said.
She added that the Pipelines and Products Marketing Company (PPMC), a subsidiary of Nigerian National Petroleum Corporation, (NNPC) had not only completed the repair of the Port Harcourt –Aba  Warri-Benin and Jos-Gombe Pipeline network  but has also started work of upgrading rehabilitated depots from analogue to digital.