The Nigerian National Petroleum Corporation (NNPC), Monday, said it has spent $5.8 billion about N1.8 trillion to import 9.8 million metric tonnes of Premium Motor Spirit (PMS) to tackle the scarcity in the country.
In a statement in Abuja, Mr. Maikanti Baru, Group Managing Director of the NNPC, stated this Tuesday during a public hearing by the Senate Committee on Public Accounts at the National Assembly Complex.
Baru, who was represented by Mr. Abdulrazaq Isiaka, the Chief Operating Officer, Finance and Accounts, said the NNPC carried out the massive importation in fulfilment of its statutory role of supplier of last resort to ensure that Nigerians do not suffer as a result of product unavailability.
“The NNPC’s provision of 9.8 million metric tons of petrol so far has helped a great deal in ameliorating the sufferings of Nigerians,” Baru noted.
He said the NNPC’s intervention became necessary following the inability of the major and independent marketers to import the product because of the high landing cost which made cost recovery and profitability difficult owing to the regulated price regime.
While assuring the public of adequate product supply, Baru pointed out that cross-border smuggling due to price disparity between Nigeria and neighbouring countries where a litre of petrol sells above N350 per litre as well as logistic issues in trucking products to different locations across the country remained serious challenges in the quest for fuel queue-free situation in the country.
Also speaking, Senator Matthew Uroghide, Chairman, Senate Committee on Public Accounts, noted that the public hearing was a part of the Committee’s duty to find lasting solutions to the problem of fuel scarcity in order to make life easy for all Nigerians.
