Monday, 10 December 2012

NNPC budgets N4bn for 30 new petrol stations

The Nigerian National Petroleum Corporation (NNPC) plans to build 10 new petrol stations for about N4billion next year
For 2013, NNPC has allocated N1,332.90 billion for what it tagged: “Three ultra-mega stations in YEPHLAG (Yenagoa, Port Harcourt and Lagos).” Construction of 10 standard stations would gulp another N1,850 billion while in the same list of major projects for 2013, NNPC voted another N750 million for 10 standard stations while the corporation will spend another N750 million to buy/lease 20 stations next year.
About N300 million was voted for trailer parks along Abuja-Lokoja and Ibadan Expressway. In the breakdown of major capital projects for rehabilitation of pipelines in 2013 (pipelines), NNPC said it would spend N3,950 billion to rehabilitate Escravos-Warri pipeline. Another N3,950 billion would be deployed to reconstruct the Escravos-Warri pipeline. Other pipeline expenditures are: rehabilitation of Port Harcourt-Enugu pipeline (N28,440 billion); rehabilitation of Warri-Benin pipeline (N15,800 billion); rehabilitation of Enugu-Auchincloss-Benin pipeline (N3,950 billion) and rehabilitation of Bonny-PH crude supply line pipeline will gulp N7,900 billion.
In its budget defence before the National Assembly, NNPC got $10.482 billion as its 2012 budget while it will spend $13.8 billion in 2013. It had initially requested $12.781 billion which was turned down. A breakdown of the budget indicates that government equity funding in Joint Venture (JV) companies is: $4.954 billion; funding for government’s priority project is $0.585 million, bringing total government equity funding to $7.365 billion. Government equity share of alternatively funded joint venture projects is $3.117 million, bringing totaling $10.482 billion for 2012 with 61 per cent performance ratio.

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