The Finance Dude

Nigerian refineries cannot meet up with the country’s oil demand due to pipelines vandalism, the Managing Director, Kaduna Refining and Petrochemical Company (KRPC), Alhaji Idi Mukhtar, said on Friday. Mukhtar spoke at the fourth edition of capacity building workshop for Energy Correspondents.   He called for the establishment of a 20-inch pipeline to optimize crude refining to about 80 per cent. He said, ”What is of   strategic importance is the need to lay a new wider (20 inch) pipeline that will serve as a better alternative to the current 16 inch pipeline which is limited by its size and low integrity. ”In fact, if KRPC is set to achieve the target of operating at a minimum of 80 per cent throughput. The new pipeline is needed to ensure delivery of sufficient crude oil to meet the target.” Mukhtar also advocated for areas with pipelines regarded as ‘’Military Zone’’ because of its strategic importance. He added: “A major challenge facing KR...

It is no longer news that Nigeria’s economy is operating at a recession. With inflation rate currently hovering at a record 16.5, global oil price falling and the effects on Nigerians being real and biting, most governments at all levels now find it difficult to meet up with their wage bills and other necessary obligations owing to these and other circumstances. These have also badly affected the people’s purchasing power as prices of essential commodities keep rising far and above the reach of a majority of the citizenry. There are no other incidents to highlight the extent of the reality of hunger in the land than the petty thefts especially of pots of soup even while on the fire taking place across the country, there were cases of such thefts reported in several areas of the city like Tanke, Basin, Offa, Kilanko, Sango etc. In each of these places, it was reported that, at least, five cases of stolen pots of soup were recorded in just a week. Rather than steal jewelry and...