NPC Saves N1trn In Subsidy Removal, $1bn In Oil Importation —Kachikwu
Says, ‘our refineries now ready to work’
MINISTER of State for Petroleum Resources, Dr Ibe Kachikwu, on Tuesday, said under his leadership, Nigeria is saving N1 trillion in subsidy removal and $1 billion in fuel importation.
This was as he said for the first time, Nigeria’s refineries “are now ready to work.”
Kachikwu, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said the change at the corporation was only just starting, adding that NNPC would be delivering profit in two to three months.
“All the changes that have happened so far, in case you do not know… but I’m sure you follow the numbers and the reports that we publish, but it has gone from an average deficit of over N30 billion to N3 billion in a period of six months,” he said.
“If you continue on this tangent, this company should continue to show monthly profitability in two to three months. That would be dramatic, and that is even before we have even started – because we haven’t started.
“This is simply through your 20 fixes; you deciding to cut costs, and to watch your expenses and there’s still a huge amount of expenses you still need to cut,” he said.
Kachikwu said for the first time, NNPC had met up with 75 per cent of its responsibility to the federation account.
“With the new DSDP programme, not solely designed by me, but by all of you, you’re saving the nation $1 billion in importation programme, $1bn.
“Look at the fact that with the removal or connivance on the removal of subsidy cost, you are saving the nation N1 trillion. For the first time, this organisation is not worrying about where to get the next subsidy money or who is going to pay it.
“For the first time, our refineries are ready now to work. Crude has been pumped from Brass to Port Harcourt. Pipeline is being used for the first time in six years. For the first time, we are able to pump to Ilorin, we have not done that in 10 years,” he added.
He assured that in two weeks, the refineries would begin to receive crude via pipelines.
Source :Tribune.

Please where is the money and what has it been used for.

Ibe Kachikwu. I admire your tenacity and determination to ensure that NNPC work. However, you seem to contradict yourself most times.
Anyway more grease to your elbow..