He also blamed two rounds of naira devaluation carried out by the Central Bank of Nigeria.
“These two developments brought a lot of confusion into the oil sector. Marketers were not sure of the actual delivery cost. We had to draw a new template as advised by the CBN. The delay we have now is caused by the November devaluation. But the reality is that the policy is clear now”, he said.
The PPPRA Executive Secretary made the explanation at a budget defense session in the senate in response to questions from lawmakers on the long queues at petrol stations across the country.
Mr Ahmed however said the Federal Government is taking steps to remedy the situation and promised that the agency would come down hard on petroleum marketers who increase the price of fuel above N87 per litre.
“The Minister of Finance, PPPRA and other agencies are working closely to ensure that outstanding bills are paid. And that one had been done now. On Monday, we got an approval from the Budget Office for payment of all outstanding bills. We have adjusted the template now. We have to put the exchange rate at the interbank rate. Now, we have a direction.”, he maintained.
While defending the budget of the PPPRA, the Executive Secretary said the total budget of the agency for 2015 is N7.798 billion.
The Nigeria National Petroleum Corporation (NNPC) was scheduled to defend its budget before the Senate Committee on Downstream but the organization did not show up for the session.
The Committee Chairman, Senator Magnus Abe asked the Clerk to issue another invitation to the NNPC, the heads of the three refineries and the Department of Petroleum Resources (DPR) to appear before the committee unfailingly on Thursday march 5th. Click to signup for FREE news updates, latest information and hottest gists everyday
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Like Okupe, the PDP has many Indomie brains, Reno (Wendell Simlin), FFK,Fayose, Patience Jonathan, Now Muazu. When you impregnate your wife, ts the APCs fault. shior
ReplyDeleteLooks like the APC set PDP up to fail, they were the ones that called for reduction in Petrol Prices, and the PDP looking for ways to win election, fell for the Trap.
ReplyDeleteThe drop in crude oil prices was the best opportunity to remove fuel subsidy completely and let the market forces takeover.
this will however not be favourable for Marketers who are PDP chieftains.
Very well said. But APC will also be shooting themselves in the foot if they win the elections as they cannot now increase the price. How will they fund the subsidy with much reduced national income?
DeleteThe good Lord has heard our prayers. The reason for the confusion in pdp. It's quite unfortunate that these people were in charge of our affairs for this long. Never again must we allow this set of good for nothing people to take charge of our affairs.
ReplyDeleteAnonymous 4:13am you're very stupid illiterate bloody PDP supporters, think before u talk nonsense
ReplyDeleteHow is Anonynous 413am an illiterate? He proved his point. You have no point at all. You are just abusive. I suspect you are the one that did not go to school.
DeletePPPRA, how can you say it is the devaluation of the naira that caused fuel scarity... you do not know what you are saying, for you information PDP and their supporters lnoonger have erections and you know what??? it is the handiwork of APC ha ha ha #bringbackourgirls.
ReplyDelete