We don’t have enough crude oil for Dangote – FG

The Federal Government has said Nigeria does not currently produce enough crude oil to meet the Dangote Petroleum Refinery’s daily requirement of 700,000 barrels.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Friday during an interview on Channels Television’s Politics Today programme.

Oyedele said the country had yet to attain a production level that would enable it to meet the refinery’s entire crude oil demand while also fulfilling other domestic and export commitments.

“We (Nigeria) are still not at the point where we can give Dangote Refinery 700,000 barrels of crude oil; we don’t have enough to service Dangote Refinery,” he said.

His remarks come amid concerns over Nigeria’s crude oil production levels and the supply of crude to the Dangote Refinery, which has a nameplate capacity of 650,000 barrels per day.

The refinery’s crude oil requirement has remained a key issue in discussions about Nigeria’s domestic refining capacity and efforts to reduce dependence on imported petroleum products.

Meanwhile, the Federal Government has announced a 30-day petrol discount at Nigerian National Petroleum Company Limited (NNPCL) filling stations as part of efforts to provide temporary relief to motorists and other fuel consumers amid high petroleum prices.

The temporary measure has raised questions about the extent of relief consumers would receive and whether the discount would significantly ease transportation and living costs.

Opposition figures have also questioned the timing and sustainability of the initiative, arguing that a short-term price reduction may not address the underlying challenges in the downstream petroleum sector.

“APC is very desperate for this election; they want to win by all means, and…

According to him, he accepted the appointment with humility and a clear understanding of the…

The Elegboro of Ijebu-Ijesa, Oba Olufemi Agunsoye has declared that the ancestors of Ijesa North…

Edo State Governor Monday Okpebholo has expressed confidence that Nigeria’s economy will become as strong…

It maintained that “this constant habit of exaggerating facts is unbecoming of a man who…

Oyedele said the government is negotiating a ceiling to stabilise petrol prices amid the current…