There are indications that subsidy payments on importation of fuel and Foreign Exchange (FOREX) differentials on bank loans granted to marketers by the Federal Government may end soon, as the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, said the Federal Government was doing everything to make sure only the Nigerian National Petroleum Corporation, NNPC, imports petroleum products into the country.
DAILY POST reports that oil major marketers have been on a running battle with the Federal Government over subsidy claims running into several millions of dollars.
However, Emefiele said President Muhammadu Buhari has directed the NNPC to cut down on importation by reactivating the four refineries and ensuring they function at installed capacities.
The CBN Governor stated this in an interview with Financial Times of London.
Emefiele said: “The President came on board and said that we will work very hard to reduce importation of petroleum products by ensuring that our refineries work. Our refineries are working now.
“The Warri and Port Harcourt refineries have started producing. They have not obtained the optimal capacity but they will. The Kaduna refinery will start working this month.
“Now, there are other actions that the Presidency is putting in place to ensure that we reduce importation of petroleum products where the NNPC will solely, almost solely be responsible for procuring refined petroleum.
”Those who are importing petroleum products will only just need to go to the NNPC and pick up petroleum products.
“So, in that area, I would say that we are already moving in the direction of reducing the import of petroleum products. And we will achieve it.”
Speaking on the efforts of the President to recover stolen funds stacked in foreign banks, the CBN Governor said the issue was still being looked at, adding that, “as the Central Bank, we will also assist in drilling them once we get to that stage, and we will be happy to have that money back because it will improve our reserves”.
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