Rehabilitation of Port-Harcourt refinery begins in January

Cyril Okonkwo, Abuja

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The rehabilitation of the Port Harcourt Refinery will begin in January as the Nigerian government lines out its plans for the oil industry next year.

 

Minister of State for Petroleum, Timiprieye Sylva, stated this while briefing State House correspondents after Wednesday’s meeting of the Federal Executive Council presided over by President Muhammadu Buhari.

 

 

 

Sylva said the Ministry of Petroleum was one of the three ministries that gave account of their stewardship in the last 100 days of the administration at the cabinet meeting.

 

According to him, the Ministry of Petroleum was given nine mandate areas at the beginning of the second term of the President Buhari administration.

 

“Today, we reported to council that we have achieved at least one of those mandate areas, which is the passage of the Deep Offshore Amendment Act.

 

“We also reported that work is ongoing on the Petroleum Industry Bill (PIB) and that hopefully it will be passed into law by June next year. 

 

“We also reported that next year we will open the gas sector and a lot will happen in the gas sector in Nigeria.”

 

Revenue performance

 

Minister of Finance, Budget and National Planning, Zainab Ahmed, also briefed the media on her ministry’s scored card in the last 100 days of office, which she presented at the cabinet meeting.

 

According to her, Nigeria’s revenue performance prorated to third quarter of 2019 was N4.25trillion, which represents 81% of revenue projections for the year.

 

Mrs. Ahmed said that the country’s economy recorded 2.28% GDP growth in the third quarter of 2019 against the 3.5% planned growth.

 

“On expenditure, we have been able to release all that is required for personnel so personnel expenditure.

“On overhead, we have been able to eight months overhead for general MDA’s and 11 months overhead for some MDA’s we classify as critical.

 

“These include the security services, the Federal Government Unity Colleges as well as NYSC and Prison rations.

 

“So a few agencies that we classify as critical have received 11 months and we are working on the 12 month overhead release for this category of MDAs.” 

 

The Finance Minister said that up to N1. 2 trillion, representing 50%, has been released in capital expenditure for the whole year 2019.

 

Noting that the 2019 Budget was a “six month budget,” she expressed hope that the signing of the 2020 Budget by President Buhari on Tuesday would improve the releases for capital expenditure next year.

 

“We have started the process of the new long term development plan, we prepared a road map, it is going to be subjected to various stakeholder reviews before we start the actual planning process,” Mrs. Ahmed said.

 

She said the Ministry of Finance, Budget and National Planning has 11 mandate areas.