FG Okays N17bn For Acquisition Of Monitoring Device For Fuel | Independent Newspapers Nigeria.

Abuja – Controversies over the actual amount of fuel consumed daily by Nigerians, including the huge funds which goes into subsidy payment, have compelled Acting President Yemi Osinbajo to approve the acquisition of a special monitoring technology.

About N17 billion was approved for the device which will track the importation and distribution of fuel products within the country.

It will among other benefits gauge how many litres of refined products come into the country, whether products are diverted to other locations or not, actual places where products are being diverted to.

The technology which is relatively new will be piloted for a period of one year before it will be institutionalised.

Ibe Kachikwu, Minister of State for Petroleum Resources, made the disclosure after the Federal Executive Council (FEC) meeting on Wednesday.

He said, “Council approved the installation of technology monitoring schemes and structures under Petroleum Equalisation Fund (PEF) for total sum of N17 billion.

“It is for the automated fuel system management and censor network.

“The narrative is that we have all struggled with this whole subsidy payment and how much is consumed in Nigeria, volumes of products moved out illegally and the whole impact on FAAC accounts.

“The president has given a very serious mandate that we ought to rein in on his process. The essence of what PEF is doing is that this will enable us track refined petroleum product movement from the point of LC (letter of credit) opening from the vessels that come into Nigeria, up until the point where they are discharged into tanks in Nigeria, and from the tanks through trucks in Nigeria, monitor the trucks till they deliver the products into the storage tanks for the filling stations and they are discharged and sold.

“So, that will produce a 100 percent holistic monitoring of this production. For the first time we will be able to tell how much petroleum products we consume in this country.

“Because there has been so much going on in terms of the movement of consumption numbers from thirty something million litres a day to 70 million litres to 18 million litres a day during the difficult times.