By Damilola Adeyemo
ABUJA – The Minister of State of Petroleum Resources, Timipre Sylva, has said that there was no provision in the budget for the subsidy which has led to cost in the commodity.
During the launch of the NNPC upstream cost optimization program in Abuja on Tuesday, Sylva said “We should be ready to take the pains as a country.”
” Today NNPC is taking a bit hit from the industry.”
“We all know that there is no provision in budget for subsidy.”
“NNPC can not take the blow.”
” I would like to suggest to the GMD to think about the upstream optimization cost.”
Speaking at the event, The chairman of the Petroleum Technology Association of Nigeria (PETAN) Nicholas Odinuwe, has urged the stakeholders in NNPC to make the initiative work and also see a simplified business project that will drive efficiency.
According to him, He said the upstream cost optimization would help reduce cost in the industry.
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