Ibe Kachikwu, minister of state for petroleum
resources, has said subsidies for petrol and kerosene
cost Nigeria $65bn between 2011 and 2015.
According to Kachikwu, the amount excluded an
estimated $6bn lost by the country to vandalism of oil
and gas infrastructure.
Daily Trust quoted the minister as saying this on
Thursday in a presentation at a two-day African
modular refinery forum.
Kachikwu was represented by Olumide Adeleke, the
deputy director, engineering and standards of the DPR.
The minister also bemoaned the fact that the country
was still importing 92 per cent of its daily fuel
consumption despite its four refineries.
“The foreign exchange requirement for importation of
petroleum products is estimated at $28bn (N3.35tn)
annually, with 40 per cent of the total amount
(N1.34tn) dedicated to financing the logistics of
importation,” Kachikwu said.
Kachikwu reiterated his resolve to ensure that Nigeria
achieves 50 per cent domestic refining capacity by 4th
quarter of 2018 and 100 per cent domestic refining
capacity by 4th quarter of 2019.
TheCable
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