Business & Finance

Here’s Why Kachikwu Said Nigerians Should Endure Fuel Scarcity Till May


Nigeria’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, recently said the country will still have lingering fuel crisis till May- a comment which didn’t sit well with most Nigerians.

However, the Minister appearing before the senate on Tuesday, revealed why such statement was made.

As part of efforts to ensure a lasting solution to the problem, he stated that the nation was setting up for the first time strategic reserves of about two million tonnes to provide products always.

He said these would be operational as from May and would contain between five and seven cargos of fuel per reserve.

“Once we do that, we should be away from the incessant fuel crisis that we have,” he said.

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“We expect that between now and about the 6th to the 7th of April, the fuel queues will disappear,” he added saying the “DSDP will begin and the foreign exchange allocation will see us smoothly through the track.

“The refineries will be working and the volumes they will be producing will be sent to the strategic reserves to address difficult times. In April, we are expected to get 150 per cent of the volumes that will be needed. A lot of that will go to storage tanks. Hopefully, that should sort out the problem.”

He added that privatisation of the refineries remained the best solution to end the fuel crisis in the country.

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