Oil: Nigeria loses N3trn yearly

October 15, 2015 Facebook Twitter LinkedIn Google+ Business News


NNPC MD Emmanuel Ibe KachikwuGROUP Managing Direc­tor of Nigerian National Petroleum Corporation (NNPC), Mr. Ibe Kachikwu told the Senate that Nige­ria is losing in overabundance of N3trillion every year because of the nonattendance of Petroleum Industry Bill (PIB).

Kachikwu, amid his pastoral screening yes­terday, said it was better for Nigeria not to have em­barked on the PIB venture than to have begun and deserted it mid-way.

” The venture that we are losing on a yearly ba­sis due to absence of PIB is in overabundance of $15 billion (N3trn) a year and the rea­son basic.

“It would have been exceptional that you didn’t begin by any stretch of the imagination, than report colorfully that you were going to do PIB then stride over from it, in light of the fact that it in­creases the level of uncer­tainty that no universal financial specialist needs to think about.

“Along these lines, I would ask this extremely worshipped Senate to rapidly settle and discover a method for working with us, to simply ahead and pass those components of PIB where there is no much con­tention.”

While allaying fears of fuel scarcity in the country, Kachikwu, a minister-des­ignate reiterated that Nige­ria has refined fuel that can last 50 days