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Reps Push for 90-Day Fuel Reserve, Target 2027
The House of Representatives has backed plans to expand Nigeria’s strategic petroleum reserve from 20 days to 90 days by 2027, in a move aimed at strengthening the country’s fuel security and ensuring a more reliable supply.
The Chairman of the House Committee on Petroleum Resources (Downstream), Ugochinyere Ikeagwuonu, disclosed this during a technical briefing in Abuja, where the committee also passed a vote of confidence in the administration of President Bola Tinubu over its efforts to secure petroleum pipelines.
Ikeagwuonu said the proposed expansion of the strategic reserve would be supported by sustained domestic petroleum supply, particularly as local refining capacity continues to contribute to the country’s fuel needs.
The committee further noted that contributions from domestic refineries to Nigeria’s petrol supply had increased by more than 75 per cent.
According to the committee, the country currently has more than 25 days of supply sufficiency, with no reported shortfalls so far.
Meanwhile, the committee has constituted two subcommittees to investigate separate petitions involving the petroleum sector.
One of the subcommittees will examine a petition concerning gas distribution licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The second will investigate allegations of abuse of office against the Executive Vice President, Downstream, of NNPC Limited, Mumuni Dagazau.
The investigations are expected to address the concerns raised in the petitions as the committee continues its oversight of Nigeria’s downstream petroleum industry.