The minister of state for petroleum resources Ibe Kachikwu has said Nigeria spent $65 billion (N20.4 trillion) on subsidies for fuel and Kerosene between 2011 and 2015.
Kachikwu said the amount spent excludes $6 billion which was lost to vandalism during the period under review.
Represented by the deputy director of engineering and standards Olumide Adeleke on Thursday, June 15, at a two day African modular refinery forum, Kachikwu said decried the fact that Nigeria was still importing 92% of the fuel daily.
“The foreign exchange requirement for importation of petroleum products is estimated at $28bn (N3.35tn) annually, with 40 per cent of the total amount (N1.34tn) dedicated to financing the logistics of importation,” Kachikwu said.
The minister also said there is a resolve to ensure that Nigeria achieves 50% domestic refining capacity by the fourth quarter of 2018 and 100% domestic refining capacity by that of 2019.
NAIJ.com had earlier reported that Kachikwu said the removal of fuel subsidy will positive affect Nigeria’s economy.
He also said such effort will allow the federal government to focus on other sector of the economy like power generation and security.