Ajaokuta, April 26, 2023 – The Nigerian National Petroleum Corporation (NNPC) Limited has so far released over $1.1 billion for the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project.
Mele Kyari, its Group Managing Director, said this in a statement while on inspection of the projects site in Ahoko, Kogi State.
He denied reports the corporation had failed to release funds for the project.
The project, which is aimed at providing a steady supply of natural gas to power plants and industries across Nigeria, will stretch over 614 kilometers from Ajaokuta to Kano State.
“For the benefit of the Nigerian public, this is one of the most massive project that we’ll run in the company, it is of immense proportion of value to our country and to the socio-economic growth of our country.
“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 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 said the NNPC had the capacity to meet all financial obligations on the project.
“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.
“As we speak now, we don’t owe a dollar to our contractors today.
“We paid all their invoices, there are over 30 sites that are active today in this project, and we are very hopeful that we will deliver this project.”
