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“GOVERNMENT DID NOT PAY SUBSIDY ON IMPORTED PETROLEUM PRODUCTS” IBE KACHUKWU

In Business, Minister of State for Petroleum, Dr, IBE KACHIKWU has disclosed that the government did not pay subsidy on imported petroleum products for the month of January, twenty sixteen and has effectively ended the controversial subsidy regime that was marred by fraud and irregularities.

 

Dr. KACHIKWU who appeared before a committee of the House of Representatives also stated that the federal government would save one billion dollars from the direct sale-direct purchase arrangement which he said would replace the crude-swap policy.

 

The new policy which would become effective in March eliminates all the cost elements of middlemen and gives the NNPC the latitude to take control of sale and purchase of crude oil transactions with its partners.

 

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