Minister of State for Petroleum Resources, Mr Timipre Sylva, on Wednesday, March 9, in Abuja updated the Federal Executive Council (FEC) on the availability of 1.9 billion litres of petrol.
He said the quantity was enough to last the country for 32 days.
Group Managing Director of the NNPC, Mr Mele Kyari, accompanied the minister to the FEC session presided over by Vice-President Yemi Osinbajo.
Senior Special Assistant to the President, Office of the Vice-President, Mr Laolu Akande, told newsmen at the end of the session; that NNPC had embarked on 24-hour loading of petrol to address long queues at fuel stations.
Also Read: Senate unanimously rejects electoral amendment to Section 84(12)
“The minister Timipre Sylva informed the Council that there is enough stock; talking about 1.9 billion litres to last for 32 days.
“He also said that the NNPC is working 24 hours.
“There’s a 24-hour loading that is going on at all depots working with the Directorate of State Service and the Independent Petroleum Marketers Association of Nigeria to ensure that the situation improves significantly,’’ Akande said.
Also, Sylva has attributed the inability of Nigeria to meet the Organisation of Petroleum Exporting Countries (OPEC) quota to a lack of investments in the oil and gas sector.
Nigeria’s OPEC quota is pegged at 1.8 million barrels per day (bpd); but in the last few years, the country has struggled between 1.3 and 1.4 million bpd.
He said the speed with which international oil companies and other investors were withdrawing investments; in hydrocarbon exploitation had contributed significantly to Nigeria’s inability to meet OPEC targets.
According to Sylva, the rate at which investments were taken away was too fast.
“Lack of investment in the oil and gas sector contributed to Nigeria’s inability to meet OPEC quota. We are not able to get the needed investments to develop the sector and that affected us,” he added.
He also cited security challenges; as another major factor that contributed to the lack of significant growth of the sector.
The minister added that the drive towards renewable energy; by climate enthusiasts had discouraged funding for the sector.