This Gov’t not as Advantaged as GEJ’s – Kachikwu
17 May 2016 National
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has pointed out that the administration of President Muhammadu Buhari is not as advantaged as the immediate past administration of Goodluck Jonathan which had money to fund fuel subsidy. Speaking before the House of Representatives on Monday, Kachikwu clarified that the current hike in the pump price of petrol was different from that which the Jonathan administration executed in 2012, stressing that the present administration is suffering from non-availability of foreign exchange to import petroleum products. According to him, the average price of crude oil then was valued at $110 per barrel and there was availability of funds to cater for the subsidy regime due to booming oil prices. The minister maintained that his team has ongoing strategic plans and investments already on ground to ramp the country’s refineries to attract investors and in the long term become a net exporter of petroleum product.