{"id":165590,"date":"2022-03-22T14:37:31","date_gmt":"2022-03-22T13:37:31","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=165590"},"modified":"2022-03-22T14:42:26","modified_gmt":"2022-03-22T13:42:26","slug":"nigeria-unable-to-meet-output-quota-due-to-unwarranted-oil-theft-says-emefiele","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/22\/nigeria-unable-to-meet-output-quota-due-to-unwarranted-oil-theft-says-emefiele\/","title":{"rendered":"Nigeria unable to meet output quota due to unwarranted oil theft, says Emefiele"},"content":{"rendered":"<p>Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has stated that the country is unable to meet its production quota due to unwarranted oil theft in the sector.<\/p>\n<p>This was stated on Monday by Emefiele at the end of the<span data-preserver-spaces=\"true\">\u00a0284th monetary policy committee (MPC) meeting in Abuja.\u00a0<\/span><\/p>\n<p>After MPC meeting, the committee concluded to retain the Monetary Policy Rate (MPR), otherwise known as the interest rate, at 11.5 percent with the asymmetric corridor of +100\/-700 basis points around the MPR.<\/p>\n<p><span data-preserver-spaces=\"true\">The apex bank governor, said one of the factors responsible for the issue of fuel scarcity in the country apart from the ongoing Russia and Ukraine war is a high trend of oil theft.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He added that the global prices have gone up and are compounded by the shortage of supply of <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/06\/do-not-remove-subsidy-on-petroleum-products-union-tells-fg\/\">petroleum products<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cApart from the Russia-Ukraine war, crude prices have increased due to supply shortage and of course, for Nigeria, we have not been able to meet the export quota primarily because of unwarranted oil theft that we see in our environment today. This has resulted in the increase in the price of diesel and petrol,\u201d Emefiele said.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAlso, because of the war, there\u2019s been a rising price not just in crude oil but also in food. The increase is so astronomical that it is not just affecting Nigeria but the world.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Emefiele further spoke on MPC\u2019s concern on the unprecedented oil theft as well as the hike in the price of diesel, adding that it has a huge impact on the economy.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He consequently urged the management of the sector to take quick action.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe Committee also raises concerns on the increase in oil theft and the impact on government revenue and reserves,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is however hopeful that the takeoff of Dangote refinery will help improve the supply of petroleum products in Nigeria.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cMPC also said the rising price of diesel is compounded by the inadequate supply of electricity in Nigeria, which has impacted domestic prices.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt, therefore, advises the authorities to take specific and urgent action to avoid many powering systems to shut down and turn around maintenance to stop the shut down of generating assets.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He added that the Nigerian National Petroleum Company (NNPC) Limited and the finance ministry are working towards ensuring the availability of fuel.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe minister of finance and NNPC are holding engagements to see what can be done to make sure that petroleum products are made available. So that they can be imported and all filling stations can have these products, and the bank is ready to intervene to make sure that these shortages stop.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has stated that the country is unable to meet its production quota due to unwarranted oil theft in the sector. This was stated on Monday by Emefiele at the end of the\u00a0284th monetary policy committee (MPC) meeting in Abuja.\u00a0 After MPC meeting, the committee concluded [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":107138,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[3108,27075,1193,12613],"class_list":["post-165590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-godwin-emefiele","tag-ministry-of-finance","tag-nnpc","tag-oil-theft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria unable to meet output quota due to unwarranted oil 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