NNPC Chief Mele Kyari escapes repercussions from Tinubu
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NNPC Chief Mele Kyari escapes repercussions from Tinubu

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), has been reappointed along with eight other board members, surviving any potential repercussions from President Bola Ahmed Tinubu. The appointment of Kyari, Chief Pius Akinyelure (Non-Executive Board Chairman), and others was announced on Monday through a statement signed by presidential spokesperson Ajuri Ngelale.

Kyari and Umar Ajiya, the Chief Financial Officer, are the only remaining board members from the previous appointment by ex-President Muhammadu Buhari in June 2019. During Kyari’s tenure, the Petroleum Industry Act was signed into law by Buhari, leading to the establishment of NNPCL and significant reforms in the sector.

However, between 2019 and the first quarter of 2023, the country incurred a total expenditure of N8.9 trillion on fuel subsidy regimes. The fuel subsidies surged from N350 billion in 2019 to N1.573 trillion in 2021. In 2022 alone, fuel subsidies amounted to N4 trillion, and in the first half of 2023, the country spent N3.35 trillion on fuel subsidies, as outlined in the 2023-2035 medium-term expenditure framework and fiscal strategy paper (MTEF & FSP).

The removal of the fuel subsidy in June marked a new era, resulting in a substantial increase in the pump price of the product from N189 per litre to over N617. In response to the announcement of the new NNPCL board, oil and gas industry expert Zakka Bala criticized President Tinubu for retaining individuals who, in his view, have contributed to problems in the sector. Bala expressed disappointment, stating, “This is what you get when a country has visionless leaders steering the affairs of a nation,” in a chat with DAILY POST on Monday.

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