.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 abnormal Nigerians.
Speaking at a press convention in Abuja, the teams highlighted the corporate’s lately introduced 2025 Audited Financial Statements and the nationwide N66-per-litre discount on Premium Motor Spirit as clear proof that reforms beneath Ojulari’s management are starting to yield outcomes for each the Federation and the lots.
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 delight and duty that the Parliamentary Support Network stands earlier than you at this time.
“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 one of the vital 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 introduced to President Bola Ahmed Tinubu confirmed a Profit After Tax of N7.2 trillion, representing a 33 per cent improve over the earlier yr regardless of a tough world worth setting.
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 sources for vital 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 more cash out there for roads, colleges, hospitals, safety, and the social programmes that contact the lives of abnormal 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 important is the context wherein 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 steadiness sheet, the organisations drew explicit 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 via the top of October, is funded totally 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 quick reduction to motorists, transporters and households at a time of elevated dwelling prices, whereas rigorously distinguishing it from the outdated subsidy regime.
“Beyond the steadiness sheet, the affect on the Nigerian lots is changing into seen in sensible methods. In a interval of elevated world crude costs, NNPCL beneath 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 just 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 battling the price of dwelling.
“At a time when many Nigerians really feel the load of financial stress, this gesture has offered tangible, quick 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 size of reworking a decades-old establishment.
They insisted, nonetheless, that the general path beneath Ojulari stays the proper one and that the Petroleum Industry Act is regularly being given sensible which means via competent management.
They careworn that the last word take a look at of petroleum sector reforms just isn’t authorized magnificence or company construction alone, however whether or not abnormal residents expertise extra steady provide, fairer pricing the place attainable, larger public income and a extra accountable nationwide oil firm.
“We recognise that no reform is with out challenges. Legacy points, world market volatility, and the sheer scale of reworking a decades-old establishment will proceed to check resolve.
“Yet the Parliamentary Support Network believes that the path of journey beneath Engr. Ojulari is the proper 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 lots, the last word take a look at of any petroleum reform just isn’t the magnificence 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 recommended Ojulari and his administration crew for the progress recorded up to now.
They urged sustained focus on manufacturing progress, value self-discipline, gasoline commercialisation and clear governance, whereas calling on all stakeholders—legislators, regulators, business gamers and civil society—to help measures that consolidate the positive factors reasonably than undermine them.
