TheCable

The ministry of petroleum resources presented its N9.641 billion allocation in the 2024 proposed budget to the joint committees of senate and house of representatives on petroleum resources (upstream and downstream and gas resources).

The presentation was part of 2023 budget implementation and 2024 budget defence by ministries, departments and agencies (MDAs) to relevant national assembly committees.

According to a statement on Tuesday by Oluwakemi Ogunmakinwa, the ministry’s deputy director, press and public relations, Heineken Lokpobiri, minister of state, petroleum resources (oil), and Ekperikpe Ekpo, minister of state, petroleum resources (gas), appeared before the committees.

In his opening remarks, Jarigbe Agom, chairman of the senate committee on gas, said it was the joint committee’s responsibility to ensure appropriate resource allocation for the progress of the country’s petroleum sector.

Agom said the committee’s oversight function was based on fostering openness, efficiency, and long-term development within the ministry, the Nigerian National Petroleum Company (NNPC) Ltd, and its subsidiaries.

He invited all stakeholders to join in open debate and provide intelligent advice to help formulate a budget that is aligned with national interests.

On their part, legislators raised several reservations about some inadequacies and shortcomings of the budget.

They were particularly critical of the meagre budget, which did not include refineries and failed to include other initiatives aimed at cushioning the effects of subsidy removal.

In his response, Lokpobiri explained that the ministry’s 2024 budget was a significant improvement on the 2023 budget.

Lokpobiri said the ministry was policy-driven and did not execute projects that addressed specific concerns.

The minister said the host communities fund provided by the Petroleum Industry Act (PIA) is aimed at addressing the concerns of oil-producing communities.

He said the ministry has several agencies that are mandated to carry out diverse responsibilities, adding that the ministry creates policies that guide the operations of corporations in the oil and gas industry.

Lokpobiri assured the legislators that the issues they raised would be sent to the appropriate quarters and addressed.