Nigeria: Kachikwu Clarifies Statement On N1.4tr Subsidy – Africa Investment News
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Nigeria: Kachikwu Clarifies Statement On N1.4tr Subsidy

By Kingsley Jeremiah

Abuja — Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday said the Nigerian National Petroleum Corporation (NNPC) was in the best position to give appropriate figures on import of Premium Motor Spirit (PMS) otherwise called petrol.

Reacting to report, in which he (Kachikwu) was quoted as saying that the country currently incurs over N1.4 trillion under recovery or losses on the importation and sale of petrol, he stated that the details of the under-recovery figures and circumstances surrounding it would be provided by the NNPC.

In a statement by director of press at the ministry, Idang Alibi, the minister insisted that the NNPC was in the best position to give the accurate figures of the amount of under-recovery involved as it currently imports most of the petrol retailed in the country.

At a Workshop on the Harmonisation of Liquefied Petroleum Gas (LPG) Regulatory Requirements, which held in Abuja last week, Kachikwu had disclosed that there was some form of under-recovery.

“He equally stated that the details of the under-recovery figures and circumstances surrounding it will be provided by the Nigerian National Petroleum Corporation (NNPC),” the statement reads.

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