Petroleum Ministry’s Budget Criticized for Excluding Refineries and Subsidy Impact
The Ministry of Petroleum Resources has presented its budget of N9.641bn to the Joint Committees of Senate and House of Representatives on Petroleum Resources (Upstream and Downstream, as well as Gas Resources) as part of the ongoing budget implementation and 2024 budget defence by Ministries, Departments and Agencies (MDAs) to the relevant National Assembly Committees.
According to a statement by Mrs Oluwakemi Ogunmakinwa, Deputy Director (Press & Public Relations), the ministry was represented by the Minister of State, Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Minister of State, Petroleum Resources (Gas), Mr Ekperikpe Ekpo.
During the session, the Chairman of the Senate Committee on Gas, Sen. Jarigbe Agom, emphasized the joint committee’s responsibility in ensuring the effective allocation of resources for the advancement of the country’s petroleum sector. He stressed the importance of transparency, efficiency, and sustainable development within the Ministry, the Nigerian National Petroleum Company Ltd. (NNPCL), and its subsidiaries.
However, legislators raised concerns about some inadequacies and shortcomings of the budget, particularly its failure to encompass the refineries and initiatives aimed at mitigating the impact of subsidy removal on Premium Motor Spirit (PMS).
In response, Sen. Lokpobiri clarified that the Ministry’s 2024 budget marked a significant improvement from the previous year. He highlighted the Ministry’s role as a policy-driven body, explaining that its focus was on providing policies to guide the operations of companies in the oil and gas industry, rather than executing projects directly.
Mr Ekpo reiterated the Ministry’s role as a policy-making entity aimed at creating an enabling environment for investment in the oil and gas sector. He stressed the need for cooperation between the executive and legislative arms of government to address national priorities effectively.
Source: NAN
