The Minister of State for Petroleum Resources, Dr Ibe Kachikwu on Monday gave clarification to “Nigeria currently incurs over N1.4 trillion till date as under-recovery or losses on the importation and sale of petrol”.
The Director of Press and Public Relations in the Ministry of Petroleum Resources, Idang Alibi, in a statement made available on Monday noted that the minister only alluded to the fact that there was some form of under-recovery in the importation and sale of fuel in the country, adding that the NNPC is in a better position to give the accurate figure of amount of losses in the transaction.
“The attention of the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has been drawn to certain reports in some national newspapers and online news platforms in which he was quoted to have said categorically in an event that “Nigeria currently incurs over N1. 4 trillion till date as under-recovery or losses on the importation and sale of petrol.
“At a Workshop on the Harmonization of Liquefied Petroleum Gas (LPG) Regulatory Requirements which held in Abuja last Thursday, Dr. Kachikwu in a chat with journalists, disclosed that there was some form of under-recovery.
“He equally stated that the details of the under-recovery figures and circumstances surrounding it will be provided by the Nigerian National Petroleum Corporation (NNPC).
“He re-emphasized that the NNPC was in a best position to give the accurate figures of the amount of under-recovery involved as that is the body currently importing most of the Premium Motor Spirit (petrol) retailed in Nigeria” reads the statement in parts.