NNPC Confirms Release Of Over $1.1 Billion For AKK Gas Pipeline Project

The Nigerian National Petroleum Corporation (NNPC) has dismissed claims by a popular newspaper that the corporation failed to release funds for the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project. Mele Kyari, the Group Managing Director of the NNPC, confirmed that the corporation had released over $1.1 billion for the project, which aims to provide a steady supply of natural gas to power plants and industries across Nigeria. The project is expected to stretch over 614km, starting from Ajaokuta in Kogi State, passing through Abuja, and terminating in Kano State.

The AKK Gas Pipeline project is being developed in three phases, with the first phase being the construction of a 200 km-long section between Ajaokuta and Abuja. The second phase will cover the Abuja-Kaduna section, while the third phase will complete the pipeline’s construction by extending it from Kaduna to Kano.

Kyari emphasized the NNPC’s capacity and readiness to meet all financial obligations due to the importance of the project, saying: “We have so far spent over $1.1bn on this project from our cashflow. We are a very different company today. We are a commercial company. We have inter-company laws within our company now. This company can fund this project, so we do not need any support on this project to deliver this project now.”

The AKK Gas Pipeline project is expected to boost Nigeria’s economic growth by increasing the availability of natural gas for electricity generation and industrial use. It is also expected to create thousands of job opportunities during the construction phase and afterward.

The AKK Gas Pipeline project is one of several infrastructure development projects that the Nigerian government is currently undertaking to stimulate economic growth and development in the country. With the release of funds for the project, it is expected that the AKK Gas Pipeline project will soon become a reality, benefiting millions of Nigerians in the process.

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In a statement made while surveying one of the project sites located in Ahoko, Kogi State, Kyari dismissed reports the project had run aground due to a lack of funding for its second and third phases. “We know that this is a must deliver project. This project has not stopped for one day. We have continued to fund it despite the fact that we do not have third-party financing for the project.”

The AKK Gas Pipeline project is a massive project that is of immense value to Nigeria’s socio-economic growth. Kyari emphasized that the NNPC is a commercial company that can fund the project and does not need any support to deliver it. He also stated that the NNPC has paid all the invoices of its contractors and there are over 30 active sites in the project.

With the release of funds for the AKK Gas Pipeline project, it is expected that the project will soon become a reality, benefiting millions of Nigerians in the process. The project is essential for Nigeria’s economic growth and development, and the NNPC is committed to delivering it.