The Ministry of Petroleum has performed abysmally for the year 2012.
The Minister of Petroleum Resources, Diezani Alison-Madueke, said the finance ministry’s lackluster performance is a result of the non- release of budgetary allocation for the fourth quarter of 2012.
She said this on Thursday in Abuja at the Ministry’s budget defence before the National Assembly Joint Committees on Petroleum (Upstream, Downstream) and Gas.
Mrs. Alison-Madueke told the Committee that the Ministry’s 41 per cent implementation of the 2012 budget is because only N3.3 billion was released out of the N8.1 billion earmarked for capital projects.
She also explained that the ministry had spent N128 million so far between 2009- 2012 on the implementation of the Petroleum Industry Bill, PIB, awareness campaign.
The minister said that another N371 million was spent on facilities and equipment for capacity developments in Abuja from 2010-2012.
Ms. Allison-Madueke told the joint committee that the Ministry has been able to reduce oil theft from 150 barrels per day to 100 barrels per day while gas flaring had been reduced from 63 per cent to 21 per cent.
She, however, complained that there is low gas flare penalties as well as inadequate regulatory tools in the gas industry.
In his remarks, the Chairman of the Joint Committee, Emmanuel Paulker, said the 41 per cent implementation of the Ministry’s budget by November is unacceptable.
“41 per cent release as at November is unacceptable and we frown at the poor releases because I don’t see how you can measure up, especially in combating oil theft.”
He said if the balance of over N4 billion is released less than forty days before the end of the year, their average performance will be less than 25 per cent.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...