The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has said that Nigeria is spending about $15billion yearly on fuel importation, The NationReports.
A statement titled: Green Field Refinery Initiative yesterday quoted Baru as saying the country spends between $12billion to $15billion yearly to reduce the deficit in daily domestic fuel consumption in the country. He said Nigeria’s resort to fuel importation became imperative in order to improve supply and avert scarcity. He said the development however poses serious threats to the government’s dwindling revenue, if left unchecked.
He said government is trying to establish three refineries with approximately 400-550 million barrels per day (bpd) in Lagos, Bayelsa and Kogi states, in order to boost fuel processing in the country. Baru said the issue of location, configuration and shareholding structure of the refineries would be determined by the government and the private investors, adding that the refineries would be market oriented and profit motivated.