GOVT URGED TO IMPROVE CRUDE OIL PRODUCTION BY 70% - Soul 2 Soul Mates Blog

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2/01/2018

GOVT URGED TO IMPROVE CRUDE OIL PRODUCTION BY 70%

GOVT URGED TO IMPROVE CRUDE OIL PRODUCTION BY 70%
The Federal Government should improve crude output as the price hovers between $68 and $70 per barrel, stakeholders
have said.
The stakeholders, including the Chief Executive Officer, Abuja Power Station, Mr Jameel Jammal, and the former Country President, International Institute of Energy and Law, Prof Adeola Akinnisiju, said this would enable the government to earn enough money for budget implementation and other fiscal responsibilities.
They urged an increase in production of between 70 and 80 per cent.

Jammal said a sustained peace initiative in the Niger Delta was necessary for the government to achieve its intention of meaningful economic growth.
He said it was through the region that the economy derives highest percentage of its earnings from crude oil, adding that the country would stop contending with bad economy once crude oil production improves significantly.

“Meeting fiscal responsibilities in order to encourage growth in the economy would not be difficult, once the production of crude oil peaks. The country depends on crude oil for about 80 per cent of its export earnings, a development, which suggest that crude oil is the mainstay of the economy. While economy diversification is good, it would take the Federal Government sometime to improve through economy through non-oil sources,” he added.

Also, Akinnisiju said happenings in the Niger Delta region go a long way in determining the outlook of the economy. He said Nigeria depends on crude oil for sustenance, therefore, there is need to foster growth in the Niger Delta region.
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