The Group Managing Director of the Nigeria National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, after over an hour’s drilling before the Senate has disclosed that Nigeria losses billions yearly due to the absence of Petroleum Industry Bill, PIB.
He clarified that this would not have been the case if investors had not been exposed to the uncertainties surrounding the passage of the bill.
Kachikwu also revealed that he told himself at the time of taking up the NNPC plum job that he will not allow himself to be constrained by the absence of the PIB in carrying out what needs to be done in the sector.
While observing that the holistic passage of the PIB would not be easy to achieve, he stressed that the bill should be passed piecemeal such that critical aspects of it would be separately considered and passed.
While explaining the cause of the latest fuel scarcity, he said it was because some petroleum stations closed down following rumours that the pump price of the product would be reduced to N57/litre. He assured the public that the scarcity will be over in a day or two as NNPC had officially debunked the reduction rumour, adding that, “We have enough products in this country to last us the next 40, 50 days.”
On the skills he hopes to bring into government from his experience in the private sector, the proposed minister gave the first as transparency which he said he has already kick started, while the other is speed in view of the fact that “time is money.”
Speaking on subsidy, he said those in the private sector would prefer that subsidy is removed, but the removal can only be possible after palliative measures are concretely put in place. He acknowledged the weighty effect of subsidy on the nation, but feared its negative impact on Nigerians. He however assured that talks were ongoing with the president and other stakeholders on how to address the issue of subsidy.
He was after the long drilling asked by the Senate to take a bow and go.
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