Minister of state for Petroleum resources Dr.Ibe Kachukwu, disclosed on Sunday that he was losing a whopping $1 million annually since he was called upon to serve in the Buhari’s cabinet amid the continuous drop in oil prices.
The Minister who was formerly the Vice President of Exxon Mobil West Africa was the first to be appointed lasted year by President Buhari, and has bagged himself a nickname ‘The Media loving Minister for Petroleum.’ Just last month he told reporters in Abu Dhabi that the NNPC will have its first initial public offering (IPO) in 2018. He also called for an emergency meeting in response to the slide in oil price.
According to him, all hands must be on deck to build enduring institutions that would secure the future of the country and improve on the standard of living of Nigerians.
“I believe that this country needs help. I believe that it is about time we began to perform for the young and upcoming. I believe that the sheer capacity of this country is unimaginable. I do not know of any country in the world with our population, our resources, our intellect, our flamboyance, our family nexus, everything is together.
“The call to public service for me was unique. I was Vice President of Exxon Mobil West Africa and I was suddenly called to serve.
“In serving, I lose a lot of money, if not at least a million dollars every year by virtue of being a minister, but the thing is, I am directed by the voice of God,” he said.
Kachikwu said the current economic crunch in Nigeria can be surmounted with the right leadership.
He said Nigerians would not feel the impact of the challenges posed by drop in the price of oil if government properly harnessed other natural resources.
“Everything in this country is together; the only thing that is not together is leadership and in God’s name, we are bound to change that.
“In every little space that you have, and in my own case petroleum, you have to make an absolute change and so I am not worried about price of oil.
“It can be five dollar for all I care. I am worried about the direction of the industry; I am worried about changing things the way they have never done before.
“I am worried about creating opportunities that exist; I am worried about improving the standards of living; I am worried about encouraging opportunities in the sector.
“I am worried about opening up those opportunities that have existed for years,” he said.
Is there a silver lining for Dr.kachukwu in 2016?
Earlier this month, NNPC posted its 2015 Full year report which revealed a total loss of N267 billion, and with oil prices forcasted to fall further,we could only watch and see.