Fuel subsidy cost Nigeria $65 billion in 4 years - Ibe Kachikwu

Fuel subsidy cost Nigeria $65 billion in 4 years - Ibe Kachikwu

- The minister of state for petroleum resources Ibe Kachikwu has said Nigeria spent $65 billion (N20.4 trillion) on subsidies for fuel and Kerosene

- Kachikwu said the huge amount of money was spent between 2011 and 2015

- He also decried the fact that Nigeria was still importing 92% of the fuel consumed daily

The minister of state for petroleum resources Ibe Kachikwu has said Nigeria spent $65 billion (N20.4 trillion) on subsidies for fuel and Kerosene between 2011 and 2015.

Kachikwu said the amount spent excludes $6 billion which was lost to vandalism during the period under review.

READ ALSO: Notorious kidnapper Evans drops another bombshell as detectives recover gold ring worth $75,000 from his house

Represented by the deputy director of engineering and standards Olumide Adeleke on Thursday, June 15, at a two day African modular refinery forum, Kachikwu decried the fact that Nigeria was still importing 92% of the fuel daily.

Fuel subsidy cost Nigeria $65 billion in 4 years - Ibe Kachikwu

Kachikwu said the huge amount of money was spent between 2011 and 2015

READ ALSO: I bought 2 Vertu phones for N4.6m - Billionaire kidnapper Evans makes revelation about his lifestyle

“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.

PAY ATTENTION: Read the news on Nigeria’s #1 new app

The minister also said there is a resolve to ensure that Nigeria achieves 50% domestic refining capacity by the fourth quarter of 2018 and 100% domestic refining capacity by that of 2019.

NAIJ.com had earlier reported that Kachikwu said the removal of fuel subsidy will positive affect Nigeria's economy.

He also said such effort will allow the federal government to focus on other sector of the economy like power generation and security.

In the video below NAIJ.com TV crew asks if President Buhari should hand over to Vice President Osinbajo over health issues:

Source: Naija.ng

Related news
Senate indicts EFCC over Maina, says seized 222 properties are illegally ‘shared’

Senate indicts EFCC over Maina, says seized 222 properties are illegally ‘shared’

Senate indicts EFCC over Maina, says seized 222 properties are illegally ‘shared’
NAIJ.com
Mailfire view pixel