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BUHARI’S OIL, GAS REFORM TO BOOST ECONOMIC GROWTH, SAYS APC LEGACY GROUP

Admin
Wednesday, 20 October 2021

The APC Legacy Awareness and Cam­paign (APC-LAC), a voluntary think-tank group of the governing party, says the reform introduced by the President Muhammadu Buhari administration in the oil and gas sector will impact greatly on the economy in the near future.

This, according to the group, is not unexpected considering that Buhari, as military officer, was the pioneer Chairman of the Nigerian National Petroleum Corporation (NNPC), be­tween 1977 and 1978. combining the role with his appointment as Federal Commissioner of Petroleum and Nat­ural Resources, one of the first public offices he held.

“During that period, he laid sub­stantial groundwork for the national infrastructure that helped develop the industry – pipelines, refineries, depots, among others, and helped midwife the vision for a Liquefied Natural Gas plant.

Forty years later, the task has fallen upon him again to spearhead unpar­alleled reforms in the Corporation he helped establish. Under the President’s watch, since 2015, the National Oil Company has achieved the following, and more”, to the group claimed in a statement released in Abuja.

The listed milestone in the oil and gas Sector include:

“Published Audited Financial State­ments for 2018, 2019 and 2020. This is the first published Audited Financial Statements since the NNPC came into existence 43 years ago,

“Commenced clearing the backlog of Cash Call arrears owed Internation­al Oil Companies (IOCs) inherited from previous administrations, and amount­ing to more than five billion dollars,

Completed the Escravos-Lagos Pipe­line System (ELPS) Phase 2, doubling its capacity to 2.2 billion cubic feet of gas”.

The group notes that the commence­ment of the construction of the Aja­okuta-Kaduna-Kano (AKK) Gas pipe­line, Nigeria’s biggest-ever domestic gas pipeline project, and total revamp of the Port Harcourt refinery, was yet another industry jinx broken.

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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