2012 Budget: Petroleum ministry records 93% implementation

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said her ministry implemented about 93 percent of the 2012 budget appropriated to it based on the amount released to it so far.

Alison-Madueke stated this last week during the 2013 budget defence before the Senate and House of Representatives Joint Committee on Petroleum Resources in Abuja.

The minister expressed optimism that by the time the fourth quarter budgetary allocation for the Ministry is released other additional capital projects captured in the current budget circle would be aggressively implemented.

“Out of what has been released so far in the 2012 budget, we were able to handle 93% 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,” she said.

Speaking on her expectations for the 2013 budget, the minister noted that key areas such as oil exploration in the inland basins such as Chad Basin and Bida Basin etc will be aggressively pursued, adding that emphasis will be placed on the implementation of the local content policy to create jobs for Nigerians in the petroleum industry.

In the area of gas, she said the ministry will 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 centres 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 also used the opportunity to reassure Nigerians that there will be no fuel scarcity, and promised of adequate supply of fuel throughout the country to enable motorists enjoy a yuletide season that is void of fuel scarcity.

“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,” the minister said.

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