My Reforms Saved Oil Industry from Collapse, Says Buhari
BUHARI
President Muhammadu Buhari has said that the reforms introduced by his administration since he took over office in 2015 was what saved the oil industry from total collapse.
Buhari said that the decision to pay huge cash backlog owed Nigeria’s Joint Venture (JV) partners was what took away the burden from the Nigerian National Petroleum Corporation (NNPC).
Speaking during the presentation of four books written by the former Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, the President also identified the current transarency driven in NNPC as part of the reforms in the oil sector.
Buhari said, “When we were elected into office in 2015, the industry was in a very dire situation worsened by a backlog of Joint Venture (JV) cash call arrears.
“The industry was in need of reforms to attract more investments and attract the needed revenue to support the nation’s economic growth.
“As a new administration, we needed to act fast to address the declining prospects of the industry and aggressively drive economic recovery and improve the country.
“The current transparency and accountability drive in the NNPC is a good indication of the success of our administration’s effort in stemming corruption and sharp practices in the petroleum industry.”
The President commended Kachikwu in his books titled “Nigerian Petroleum Industry: 2015 to the future; Nigerian Law of Contract: Study Companion; Gas Development in Nigeria: Legal and Policy Framework as well as Nigerian Foreign Investment Law and Policy.”
He said it was the former Minister that laid the groundwork for the reforms in NNPC.
Buhari said that the decision to pay huge cash backlog owed Nigeria’s Joint Venture (JV) partners was what took away the burden from the Nigerian National Petroleum Corporation (NNPC).
Speaking during the presentation of four books written by the former Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, the President also identified the current transarency driven in NNPC as part of the reforms in the oil sector.
Buhari said, “When we were elected into office in 2015, the industry was in a very dire situation worsened by a backlog of Joint Venture (JV) cash call arrears.
“The industry was in need of reforms to attract more investments and attract the needed revenue to support the nation’s economic growth.
“As a new administration, we needed to act fast to address the declining prospects of the industry and aggressively drive economic recovery and improve the country.
“The current transparency and accountability drive in the NNPC is a good indication of the success of our administration’s effort in stemming corruption and sharp practices in the petroleum industry.”
The President commended Kachikwu in his books titled “Nigerian Petroleum Industry: 2015 to the future; Nigerian Law of Contract: Study Companion; Gas Development in Nigeria: Legal and Policy Framework as well as Nigerian Foreign Investment Law and Policy.”
He said it was the former Minister that laid the groundwork for the reforms in NNPC.
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