Buhari Sells More Crude to End Fuel Scarcity

President Buhari

President Muhammadu Buhari, has approved the sales of more crude oil to guarantee importation of premium motor spirits, petrol, into the country.

“…NNPC is burdened with the obligation to guarantee almost 100% in the national supply, since the domestic crude oil supply (445,000 bbls/d) can only guarantee about 50% of the 45 million litres national requirement for petrol…”

Nigeria has been facing a horrifying experience due to a massive shortage in the supply of fuel. Nigeria’s Minister of State for Petroleum Resources attributed the problem to the inability of independent oil market to meet up with their 30% fuel import quota.

ibe kachi
Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources

According to him, “major oil marketers failed in contributing their supply quota due to constraint in accessing foreign exchange and outstanding subsidy obligations, NNPC is burdened with the obligation to guarantee almost 100% in the national supply, since the domestic crude oil supply (445,000 bbls/d) can only guarantee about 50% of the 45 million litres national requirement for petrol; we have secured presidential approval to take additional crude oil volume to guarantee national supply of petrol”

Kachikwu has come under intense criticisms for his shabby handling of the fuel scarcity and his undiplomatic statements on the crisis, his critics in the media and labour union claimed his tactless comment exacerbated the situation.

Read More: https://pageone.ng/2016/03/30/fuel-crisis-kachikwu-defies-calls-for-his-resignation/

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