Friday, 19 February 2016

Nigeria’s Oil Sector Mismanaged for over 25 years—FGN Laments

Nigeria’s Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu on Thursday lamented that the country’s oil sector was poorly handled for the past 25 years.

This is also as he raised the hope that in spite of the crash in oil price in the global market, the oil industry will stand and rise again.

Kachikwu made this known while delivering the 45th Convocation lecture of the University of Nigeria, Nsukka, UNN titled, “the Petroleum Industry and the future of Nigerian nation.”

While equally ruling out issue of heavy spending on subsidy, he said “without necessarily removing subsidy, the government will spend zero
amounts in subsidy in 2016

“This may sound unbelievable to some people but that is part of change
mantra of the present administration of President Muhammadu Buhari.

“Already, 70 per cent of vandalized pipelines have been recovered, which
will supply more crude to our refineries”.

He said the objective of Buhari reform agenda in oil and gas was centered around having the right people doing the right thing at the right time for the right purpose.
“With the right people in petroleum sector, there will be increase in revenue for the country via sales of petroleum and petroleum products.

“Petroleum products will be at affordable price by ensuring lowest cost factors inputs that will encourage economic growth and international
competiveness. The reform in the sector will also provide more employment opportunities,” he said.

The minister said what the country was suffering now was poor management of the oil sector in the past twenty five years.
“In the past, our cost of production of crude oil as well as its importation of fuel remain the highest in the world.
“We are publishing monthly report of our performance in NNPC to show as way of showing transparency and accountability in the oil sector”, he added.
Kachikwu urged Nigerians to support Buhari in his fight against corruption as the President’s fight would restore the dignity of the county and banish poverty.
He noted that “The aim of the present administration is to leave a good legacy through fighting corruption and making judicious use of the country’s

“Nigerian should give the President maximum support in his determination to rid the county of bribery and corruption.”



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