The Group Managing Director of the Nigeria National Petroleum Corporation, Dr. Emmanuel Ibe Kachikwu, on Wednesday disclosed the country loses not less than N3.3 trillion ($15 billion) annually due to the non-passage of the Petroleum Industry Bill.
The PIB had been in National Assembly since 2003 without its passage into law.
Kachikwu, who appeared before the Senate as one of ministerial nominees of President Muhammadu Buhari, however, said the non-passage of PIB will not stop him from effecting the necessary changes in the petroleum sector of the economy.
He also disclosed that crude will be pumped to Kaduna refinery as from Thursday, adding that any refinery producing at less than 60 per cent of its refining capacity cannot be said to be alive.
He said importation of refined petroleum products into the country was an embarrassment because Nigeria has enough resources to guarantee functional refineries.
According to Kachikwu: “We are going to pump crude oil to Kadunna as from tomorrow.
“Any refinery that is not producing up to 60 per cent is failing because a good refinery needs to produce up to 90 per cent.”