Emmanuel Ibe Kachikwu, the Minister of State for Petroleum Resources,has clarified statement credited to him him by Media houses in the country 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, Kachikwu in a chat with journalists, disclosed that there was some form of under-recovery.
The Minister clarified in a statement issued on Monday by the Ministry of Petroleum 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.
HARRISON EDEH, ABUJA
