Dr Ibe Kachikwu the Hon Minister of State Petroleum and Chairman of Nigerian National Petroleum Corporation (NNPC) formally handed over the Position of Group Managing Director of NNPC to Dr Mikanti Baru, at the NNPC’s headquarters in Abuja on Friday.
Speaking at the ceremony, Kachikwu said, “Today our Consumption of fuel has gone down by 30%, we have no more queues in the filling stations, we have one third and half months of self sufficiency, we have strategic reserves in place that we are putting together and we have funding scheme to enable the downstream to be able to adequately fund it self.
We have succeeded in removing subsidy and saving over N1.4 trillion for this country on a yearly basis. We have reduced upstream contracting period from the average of between two and half years to between six and nine months and we have started a massive commercialisation of every aspect of our business”.
Kachikwu also said the NNPC had been able to cut Operational Cost by 30%, adding that Nigerian Refineries had started working for the first time in about 10 years, but the still not at the Capacity that we want.