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NIGERIA MAY LOSE 90% FOREIGN EXCHANGE IF CRUDE FAILS – EXXONMOBIL WARNS

Admin
Wednesday, 15 September 2021

ExxonMobil, operators of NNPC/MPN Joint Venture has advised the Federal Government of Nigeria to make the best of the huge crude oil reserves to develop the country. 

The International Oil Company said as a resource whose relevance has been subjected to debate, it has become necessary for Nigeria to make the most of Crude now,  as the country risks losing 90per cent of its foreign exchange earnings. 

Speaking through its  Manager Media and Communications,  Mr Ogechukwu Udeagha during an interaction organized as part of the activities to mark the 2021 Correspondents Chapel week  in Uyo on Tuesday, the IOC declared that Nigeria still has billions of barrels of untapped crude reserves.

Nigeria would lose over 90per cent of its foreign exchange earnings if crude oil fails. So let’s make the most out of this resource while we still have time. Our crude oil reserves are in billions of barrels, so we need to tap them and use such revenue to add value to our economy”. He said 

Udeagha who was flanked by the Manager, Public Affairs and Government Relations, Mr Effiong Esumo,

absolved ExxonMobil of the accusation that International Oil Companies (IOCs) were not making their 3per cent contributions to the Niger Delta Development Commission(NDDC).

The American oil giant said the recent statement by the Niger Delta Affairs Minister, Godswill Akpabio that IOCs were not making their contributions to the NDDC did not apply to them.

The Communications Manager told correspondents that the company has remitted the sum of N67.5billion to the interventionist agency in the past 19 years.

He also said that the company has not shirked in its corporate social responsibility as shown in some of its social investments in its areas of operations.

The company assured Akwa Ibom people of its commitment to fulfillment of its role as corporate citizens as it has continued to remit between N6  to 7b annual Pay As You Earn (PAYE)  tax to the Akwa Ibom State government. 

“70 percent of our staff live and work  here in the state and we remit  to the state government through PAYE and of course the 13 percent derivation. You can therefore realize the impact we are making on the state economy. We are closely linked with the state government and it’s important that we work together”, he said.

On the alleged sack of some employees and contract staff, he said “ we keep our contractor’s obligation and by law, we cannot sack contract staff because they are not our staff. They are not under our purview .  We didn’t sack any contract staff or employees.”

About IWIN

The Independent Energy Watch Initiative (I-WIN), an enterprise of Energy ConServ and the Roundtable for the Growth and Development of Power (RODEP), is an online/web based power sector portal that strives to engage stakeholders and the Nigerian public on topical issues in the power sector.

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