PAYMENT of subsidy on fuel importation
and Foreign Exchange (FOREX) differentials on bank loans granted to
marketers by the Federal Government are to end soon.
The Central Bank of Nigeria (CBN)
Governor, Mr. Godwin Emefiele, said the government was doing everything
to ensure that the Nigerian National Petroleum Corporation (NNPC) become
sole importer of petroleum products.
Members of the Major Oil Marketers
Association of Nigeria (MOMAN) have been on a running battle with the
Federal Government over subsidy claims running into several millions of
dollars.
But Emefiele said President Muhammadu
Buhari has directed the NNPC to cut down on importation by reactivating
the four refineries and ensuring they function at installed capacities.
Speaking in an interview with Financial Times of
London, the CBN chief said: “The President came on board and said that
we will work very hard to reduce importation of petroleum products by
ensuring that our refineries work. Our refineries are working now.
“The Warri and Port Harcourt refineries
have started producing. They have not obtained the optimal capacity but
they will. The Kaduna refinery will start working this month.
“Now, there are other actions that the
Presidency is putting in place to ensure that we reduce importation of
petroleum products where the NNPC will solely, almost solely be
responsible for procuring refined petroleum.
”Those who are importing petroleum products will only just need to go to the NNPC and pick up petroleum products.
“So, in that area, I would say that we
are already moving in the direction of reducing the import of petroleum
products. And we will achieve it.”
On the efforts being made by the
President to recoup stolen oil revenues believed to have been deposited
in foreign banks, Emefiele said the issue was still being looked at,
assuring that “as the Central Bank, we will also assist in drilling them
once we get to that stage, and we will be happy to have that money back
because it will improve our reserves”.
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