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Monday, 03 December 2012 00:00
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2012 budget: Petroleum Ministry implements 93%

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said that about 93 per cent of the 2012 budget appropriated to the Ministry Petroleum Resources had been utilized based on the amount released to it so far.

Alison-Madueke expressed optimism that by the time the fourth quarter budgetary allocation for the Ministry Petroleum Resources would be released other additional capital projects captured in the current budget circle would be aggressively implemented.

She said: “Out of what has been released so far in the 2012 budget, we were able to handle 93 per cent performance and we hope that by the time the fourth quarter allocation is released within the window of procurement which is March next year, we will be able to complete all our projects which were earmarked for this financial year. So on the basis of what we have seen and done so far, we are surely on track.”

Speaking on her expectation for the 2013 budget, the Minister of Petroleum Resources noted that key areas such as oil exploration in the inland basins such as Chad Basin and Bida Basin, among others, would be aggressively pursued, adding that emphasis would be placed on the implementation of the local content policy to create jobs for Nigerians in the petroleum industry.

On gas, Alison-Madueke said the Ministry of Petroleum Resources would expedite action on the gas master plan, liquefied petroleum gas and development of critical gas infrastructure in order to convey gas not only to the commercial centre and gas to power but also to supply gas to remote areas of the country within the parameters of the budget given to the ministry.

The Minister of Petroleum Resources assured Nigerians that as the Christmas period approaches, the entire length and breadth of the nation would receive adequate supply of petroleum products to enable motorists enjoy a yuletide season that is void of fuel scarcity.

She submitted: “Now that the Aigboje Aig-Imoukhuede fuel subsidy report has been verified and completed, payments are already beginning to go to marketers and you can see that fuel queues are lessening across the country, we will then begin to push for more supply and distribution of petroleum products across the country.”

On the current status of the Brass LNG, the Group Managing Director of the Nigerian National Petroleum Corporation, Engr. Andrew Yakubu stated that despite the divestment of ConocoPhillips from the project, discussions are already on with other critical stakeholders to key into the project adding that by April next year the Final Investment Decision on the project would be taken.