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Nigeria no longer has resources to fund oil industry

17 December 2015, 20:42

Lagos - The Federal Government has stated that Nigeria no longer has resources to fund it's oil and gas industry, and will be looking to developing new finance models to support the industry in the future.

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, addressing the press said that a decision on the state of the country's refineries would be made within the next month, while also introducing an arrangement to adopt a price modulation mechanism that would see it setting a price ceiling of between N87 and N97 per litre for Premium Motor Spirit, PMS, also known as petrol.

Also read: MTN to challenge Nigeria fine in court

He added that the unbundling process would see the NNPC broken down into four key components, namely: the upstream company, downstream company, the midstream company, which is gas and power marketing, and the refining group holding company.

He also added that making Headquarter operations more cost effective would be one of the major restructuring efforts which would see half of it's 2,200 staff let go with many of the staff assigned to subsidiaries.

- News 24


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