PIB: Nigeria loses $15bn annually – Kachikwu

PIB: Nigeria loses $15bn annually – Kachikwu

Dr. Ibe Kachikwu

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has said the country is losing $15 billion annually due to non-passage of the Petroleum Industry Bill (PIB) into law.
Kachikwu, who spoke in Abuja yesterday when he appeared before the Senate for ministerial screening, expressed concern over the delay in passing the PIB into law as well as the huge revenue the country is losing annually as a result.
The NNPC boss said he was equally disturbed about the various versions of the bill presented in the past to the National Assembly and the long period it has been debated upon without passage.
“We don’t need to present a new version. We will continue with the authentic one that was finally confirmed during the 7th assembly,” Kachikwu said.
“We rather want a situation where the National Assembly will go ahead and pass those elements of the bill that have direct and immediate bearing on the economy and are very critical to the immediate implementation of the policy direction in the industry,” he added.
On the performance of the nation’s refinery, the NNPC boss disclosed that, “Kaduna Refinery will this week get maximum crude to step up its production levels. It has to be producing at the same level with Port Harcourt and Warri refineries, which now stands at 65 per cent and above. But no refinery that is not working would be supplied crude. “The current production level of the refineries is not even enough compared to the global standard, which is between 90 per cent and above,” he stated.
Also responding to issues raised on the scarcity of kerosene, he said, “we will continue to do interim arrangements to ensure Nigerians don’t suffer. It’s, however, a lost component on the side of NNPC because we remain the only company importing and ensuring that it is sold at controlled prices. But when the refineries resume full capacity production, the situation will ease out,” he assured.
He also explained that contracts for crude lifting was terminated not because of the issues with individuals carrying out the deals but because the terms of those contracts were not favourable to the government.

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