The Federal Government said the deregulation of the downstream sector and eventual elimination of the petroleum products subsidy has removed its monthly burden of N15.4billion in 2016.

The Vice President, Prof. Yemi Osinbajo who spoke at the Ministry of Petroleum Resources (MPR) year-end scorecard presentation and Joint Venture (JV) cash call signing in Abuja yesterday it would fetch about $15billion worth of investments for the oil and gas sector.

Represented by the Attorney General of the Federation (AGF), Mr. Abubakar Malami, the VP said the JV funding will also raise crude oil production capacity to 2.8million barrels per day through participating International Oil Companies (IOCs) like Mobil and Chevron.

Transparency has brought reforms to the sector under President Muhammadu Buhari’s administration and efforts are on to account for every drop of crude oil that has been extracted,” he noted.

The Minister of State, Dr. Emmanuel Ibe Kachikwu, in his address said the saboteur of oil and gas infrastructures this year in the Niger Delta affected the national production output in deferment of 700,000 barrels daily of crude oil production.

He lauded the president’s support for launching the ministry’s 7 Big Wins in October which included policy and regulation, gas revolution, refineries and local production capacity.

Kachikwu said oil price is rising $55 per barrel for the first time in 16 months due to Nigeria’s key role in negotiations with non Organisation of Petroleum Exporting Countries (OPEC) producers to cut production by 600,000 barrels per day. However, he said Nigeria successfully negotiated for an exemption from the production freeze.

Lalasticlala, Mynd44

joe4real12:
So who spends d money?

I dey vex now.

stepo707:

Lol