By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: President Buhari Approves New Board for Niger Delta Power
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

President Buhari Approves New Board for Niger Delta Power

Farouk Mohammed
By Farouk Mohammed
Published: May 20, 2016
Share
3 Min Read
SHARE

Buhari-Sign

President Muhammadu Buhari has approved the constitution of a new board of directors for the Niger Delta Power Holdings Company of Nigeria (NDPHC).

Deputy Governor of Bayelsa, Gboribioga Jonah, announced this on Thursday in Abuja while briefing State House Correspondents at the end of the National Economic Council (NEC) meeting presided by Vice President Yemi Osinbajo.

“The NEC discussed the reconstitution of the board of the NDPHC. The board has been approved by the President and will take effect in due course,’’ he said.

- Advertisement -

The deputy governor also announced that the Excess Crude Oil Account as at April 30, stood at 2.26 billion dollars yielding an interest of 429,903 dollars for the month.

He said that the NEC audit ad hoc committee on the forensic report of the Excess Crude Account and remittances into the federation account gave an update to the NEC.

In the update, he said, the ad hoc committee reported that a committee set up in 2013 on crude oil theft prevention and control was ineffective.

He, however, said that the audit committee, having consulted widely with stakeholders found out that there was inadequacy of operational patrol vehicles and vessels to patrol the entire oil pipelines.

- Advertisement -

To check pipelines vandalism and oil theft, the committee recommended the procurement and deployment of appropriate technology in the region, creation of special courts for speedy prosecution of oil thieves, among others.

On the receipt of bailout funds, Kogi Gov. Yahaya Bello said 30 states applied and benefitted from the federal government bailout as at May 18, while 35 states applied for the Excess Crude Account-backed loans.

Bello said the NEC was updated on the issue of supply of Premium Motor Spirit and marketing following the crumbling of the NNPC supply dynamics.

According to him, scarcity of PMS was caused by the scarcity of foreign exchange due to 60 per cent drop in global crude oil sales.

He said that prevalent hoarding, smuggling and diversion of products reduced the availability of the products and forced arbitrary increase of the prices of the commodity to between N150 and N300 per litre.

Bello said there was no prevention subsidy provision in the 2016 budget as current subsidy claim per month stood at N16.4 billion.

He expressed satisfaction that the increase in pump price of PMS had led to availability of products, noting that prices would soon stabilise at lower cost.

Sen. Udoma Udo Udoma, the Minister of Budget and National Planning, who also spoke, explained that capping the price of PMS at N145 per litre was to protect consumers against exploitation by marketers

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:buhariNiger Delta PowerNiger Delta Power Holdings Company of Nigeria
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article FRSC Begins Nationwide Monitoring of Tyres to Stem Road Crashes
Next Article Wizkid, Yemi Alade Nominated for Best International Act Africa 2016 BET Awards (Full List)

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?