.Urge Ojulari to maintain masses-oriented reforms within the oil and gasoline sector
Chuks Okocha in Abuja
The Parliamentary Support Network and allied civil society organisations yesterday praised the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Engr. Bashir Bayo Ojulari, for what they described as measurable progress in implementing the Petroleum Industry Act and delivering tangible advantages to atypical Nigerians.
Speaking at a press convention in Abuja, the teams highlighted the corporate’s lately offered 2025 Audited Financial Statements and the nationwide N66-per-litre discount on Premium Motor Spirit as clear proof that reforms below Ojulari’s management are starting to yield outcomes for each the Federation and the plenty.
The press convention was collectively addressed by Amb. Muhammad Abdulrazaq and Adams Umoren on behalf of the Parliamentary Support Network in collaboration with the Reformers Network.
“It is with a deep sense of nationwide satisfaction and duty that the Parliamentary Support Network stands earlier than you right this moment.
“We gather not merely to mark another public engagement, but to reflect on a decisive chapter in Nigeria’s petroleum history—one defined by the bold vision of the Petroleum Industry Act and the determined leadership that is translating that vision into measurable results for the ordinary Nigerian,” the assertion mentioned.
“The Petroleum Industry Act of 2021 stays probably the most far-reaching legislative achievements of our democratic period.
“For decades, the Nigerian oil and gas sector operated under a framework that bred opacity, discouraged investment, and denied the Federation its rightful value. The PIA changed that trajectory.”
According to the teams, the 2025 audited accounts offered to President Bola Ahmed Tinubu confirmed a Profit After Tax of N7.2 trillion, representing a 33 per cent improve over the earlier 12 months regardless of a troublesome international worth atmosphere.
Dividends of N5.8 trillion have been declared, remittances to the Federation Account rose considerably, and crude oil and condensate manufacturing reached a five-year excessive of 1.77 million barrels per day.
They famous that these improved monetary and operational outcomes have translated into extra assets for crucial nationwide priorities reminiscent of roads, colleges, hospitals, safety and social programmes, whereas additionally strengthening NNPCL’s place as a extra dependable contributor to the Federation.
“These numbers signify extra money obtainable for roads, colleges, hospitals, safety, and the social programmes that contact the lives of atypical residents.
“They represent a national oil company that is beginning to function as a reliable contributor to the Federation rather than a perpetual source of fiscal anxiety,” the assertion added.
“What makes this efficiency much more vital is the context through which it was achieved. Global oil markets remained risky, downstream deregulation altered conventional income streams, and the corporate continued to handle legacy infrastructure challenges.
“Yet under Ojulari’s leadership, NNPCL demonstrated resilience by focusing on operational efficiency, cost discipline, and production recovery.”
Beyond the stability sheet, the organisations drew specific consideration to the nationwide N66-per-litre discount on Premium Motor Spirit launched by NNPCL at its retail stations.
The initiative, launched to mark Nigeria’s 66th Independence Anniversary and prolonged by means of the top of October, is funded completely from the corporate’s personal retail margin and never from the Federation Account.
The teams described the discount as a deliberate act of company duty that has offered rapid reduction to motorists, transporters and households at a time of elevated residing prices, whereas rigorously distinguishing it from the outdated subsidy regime.
“Beyond the stability sheet, the impression on the Nigerian plenty is turning into seen in sensible methods. In a interval of elevated international crude costs, NNPCL below Ojulari’s management launched a nationwide N66-per-litre discount on Premium Motor Spirit at its retail stations.
“The initiative… is funded from the corporate’s personal retail margin—not from the Federation Account. It isn’t a return to the outdated subsidy regime.
“It is a deliberate act of company duty that prioritises reduction for motorists, transporters, and households combating the price of residing.
“At a time when many Nigerians really feel the load of financial strain, this gesture has offered tangible, rapid cushioning.
“Other initiatives further illustrate the direction of this leadership. Progress on critical gas infrastructure, including the AKK pipeline and related projects, is laying the foundation for industrial growth and power stability.”
The Parliamentary Support Network and collaborating organisations additionally acknowledged ongoing challenges, together with legacy points, market volatility and the dimensions of remodeling a decades-old establishment.
They insisted, nevertheless, that the general route below Ojulari stays the fitting one and that the Petroleum Industry Act is step by step being given sensible which means by means of competent management.
They burdened that the last word check of petroleum sector reforms isn’t authorized class or company construction alone, however whether or not atypical residents expertise extra steady provide, fairer pricing the place potential, better public income and a extra accountable nationwide oil firm.
“We recognise that no reform is with out challenges. Legacy points, international market volatility, and the sheer scale of remodeling a decades-old establishment will proceed to check resolve.
“Yet the Parliamentary Support Network believes that the route of journey below Engr. Ojulari is the fitting one.
“The PIA provided the legal and institutional framework. What we are witnessing is leadership that is giving that framework practical meaning,” the assertion mentioned.
“For the Nigerian plenty, the last word check of any petroleum reform isn’t the class of its authorized language or the sophistication of its company construction.
“The ultimate test is whether the ordinary citizen feels the benefit—in more stable supply, in fairer pricing when possible, in greater revenue for public services, and in a national oil company that operates with a sense of accountability.”
In their closing remarks, the teams formally counseled Ojulari and his administration group for the progress recorded up to now.
They urged sustained focus on manufacturing development, price self-discipline, gasoline commercialisation and clear governance, whereas calling on all stakeholders—legislators, regulators, business gamers and civil society—to assist measures that consolidate the features relatively than undermine them.
