The House of Representatives Committee on Petroleum Resources (Downstream) has backed plans to increase Nigeria’s strategic petroleum reserve from 20 days to 90 days by 2027.
The committee’s chairman, Ugochinyere Ikeagwuonu, disclosed this in Abuja during a technical briefing, where members also passed a vote of confidence in the administration of President Bola Tinubu over its efforts to secure petroleum pipelines.
Ikeagwuonu said the proposed expansion of the strategic reserve would be supported by sustained domestic petroleum supply, which he described as critical to strengthening Nigeria’s energy security.
The committee also noted that contributions from local refineries to the country’s petrol supply had increased by more than 75 per cent.
According to the committee, Nigeria currently has more than 25 days of petrol supply sufficiency, with no reported shortfalls so far.
The proposed increase in strategic reserves is expected to strengthen the country’s capacity to respond to supply disruptions, reduce vulnerability to external market shocks and ensure a more reliable supply of petroleum products.
Meanwhile, the committee has established two subcommittees to investigate separate petitions relating to the downstream petroleum sector.
One of the subcommittees will investigate a petition concerning gas distribution licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The second subcommittee will examine allegations of abuse of office against Mumuni Dagazau, the Executive Vice President, Downstream, of the Nigerian National Petroleum Company Limited (NNPC Ltd).
The investigations are expected to provide further scrutiny of regulatory decisions and allegations raised in the petitions.
The committee’s backing for the proposed reserve expansion comes amid ongoing efforts to strengthen domestic refining capacity, improve petroleum supply stability and enhance the security of critical energy infrastructure across Nigeria.
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