Business Nigeria: No Subsidy Paid on Petroleum Products in January - Kachikwu


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The Minister of State for Petroleum and Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe. Kachikwu, yesterday said the Federal Government did not pay any subsidy on petroleum products in January 2016.

He also stated that the country would save $1 billion (N200 billion) from the newly introduced Direct-Sale-Direct-Purchase, DSDP, arrangement in Nigeria’s crude oil for products transaction which is to commence next month.

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Kachikwu stated these when he appeared before the House of Representatives’ Ad-Hoc Committee set up to investigate the NNPC’s offshore processing and crude swap arrangement for the period from 2010 to date.
 
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