Oil: Nigeria loses N3trn yearly –NNPC GMD

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Group Managing Direc­tor of Nigerian National Petroleum Corporation (NNPC), Mr. Ibe Kachikwu told the Senate that Nige­ria is losing in excess of N3trillion annually due to the absence of Petroleum Industry Bill (PIB).

Kachikwu, during his ministerial screening yes­terday, said it was better for Nigeria not to have em­barked on the PIB project than to have started and abandoned it mid-way.

“ The investment that we are losing on an annual ba­sis because of lack of PIB is in excess of $15 billion (N3trn) a year and the rea­son simple.

“It would have been better that you didn’t start at all, than announce very flamboyantly that you were going to do PIB then step back from it, because it in­creases the level of uncer­tainty that no international investor wants to grapple with.

“So, I would urge this very revered Senate to quickly come to terms and find a way of working with us, to go ahead and pass those elements of PIB where there is no much con­tention.”

While allaying fears of fuel scarcity in the country, Kachikwu, a minister-des­ignate reiterated that Nige­ria has refined fuel that can last 50 days.

Culled from: http://sunnewsonline.com/new/oil-nigeria-loses-n3trn-yearly-nnpc-gmd/

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