Between December 2017 and February, 2018; the Nigeria National Petroleum Corporation, NNPC has spent $5.8 billion, about 2 trillion naira on fuel imports.

The NNPC said the sum was used to import 9.8 million metric tons of fuel.

This was disclosed by the Group Managing Director of the corporation, Maikanti Baru, during a public hearing by the Senate Committee on Public Accounts on Tuesday at the National Assembly Complex in Abuja.

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In a presentation by the GMD who was represented by the Chief Operating Officer, Finance and Accounts, Abdulrazaq Isiaka, NNPC stated that it carried out the massive importation in fulfillment of its statutory role as supplier of last resort.

It was also to ensure that Nigerians do not suffer as a result of product unavailability.

The GMD claimed that the corporation’s provision of 9.8 million metric tons of petrol so far has helped a great deal in ameliorating the suffering of Nigerians. 

He said the corporation’s intervention became necessary following the inability of the major and independent marketers to import the product because of the high landing cost. 

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