Petrol forex subsidy gulped N2.13tn in four years — NNPC

The Group Managing Director of the Nigeria National Petroleum Corporation, Mele Kyari, has said that the government spent N2.13tn from 2016 to 2019 as subsidy on foreign exchange for marketers.

He disclosed this at a downstream stakeholders’ meeting which held at the NNPC headquarters in Abuja, according to a statement issued by the spokesperson of the corporation, Kennie Obateru, on Friday.

Kyari also stated that concrete steps had been taken to address the main concerns of marketers, especially the issue of availability of foreign exchange.

He said the Central Bank of Nigeria had already taken the first step of merging all foreign exchange windows to have a unified exchange rate.

The NNPC boss was quoted as saying, “It is really not in our interest to be the sole importer of PMS in the country.

“We have taken definite steps to exit the situation. This is a definite step taken and the details would be communicated to stakeholders like MOMAN, DAPMAN, IPMAN and others outside this forum.”

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Kyari said there were plans by the government to inject about N2.7tn into the economy to stimulate production, stabilise the exchange rate and cushion the inflationary effect of the pump price increase.

He stated that in response to the concerns raised recently by members of the Nigerian Association of Road Transport Owners over the state of roads, especially those on the Niger State axis, the Federal Government had commenced road repair works to allay their fears.

The NNPC helmsman said measures had been put in place to ensure adequate supply of petroleum products for the end of year festivities and the projected increase in movement of people across the length and breadth of the country.

Kyari said the Federal Government was keen on driving the deregulation programme to create value for the country and ensure that Nigerians enjoyed the benefits.

In his remarks at the event, the Director of the Department of Petroleum Resources, Sarki Auwalu, who was represented by the agency’s Assistant Director, Depots, Products and Jetties, Bashir Sadiq, said government was interested in opening up the downstream sector, adding that the DPR was in support of NNPC’s initiatives in the sector.

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