• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, May 9, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Theft, vandalism rob Nigeria of benefits of high crude oil prices

Oil

The Matters Press by The Matters Press
August 10, 2022
Reading Time: 2 mins read
0
Nigeria regains top crude oil production spot in Africa

Low production rate, theft and pipeline vandalism have combined to rob Nigeria of the benefits of high cost of crude oil in the global market.

RELATED POSTS

With NELFUND’s Disbursement of N53b, Nigerian students have cause to celebrate – TMV

Profit surge among Nigeria’s loss-making companies indication of economic recovery – IMPI

Nigeria will do better than IMF’s 3% growth forecast for 2025, Think Tank predicts

The declaration was made by the Nigeria Economic Summit Group (NESG) in a communiqué issued at the end of a meeting of its Board of Directors.

The communiqué, issued in Abuja on Wednesday was signed by the board chairman, Mr Asue Ighodalo.

Ighodalo stated that declining investment and divestment, high cost of production, and a harsh operating environment also contributed to robbing Nigeria of the benefits.

“Nigeria is not appropriating the benefits of high global prices. As a result, fiscal pressure is imploding because of declining revenues and soaring public debt.

“Only recently, the Minister for Finance alerted Nigerians that the cost of debt servicing has surpassed Federal Government’s retained revenue as total public debt continues to rise.

“Meanwhile, the Central Bank of Nigeria’s Ways and Means financing to the Federal Government peaked at N19.6 trillion as of May, and the country maintains an unsustainable fuel subsidy regime,’’ he stated.

He said that the growing deficit meant that Nigeria would rely on borrowing to finance the 2022 budget.

Ighodalo noted that in spite of increased budgetary allocation to defence and national security, insecurity had not abated.

“Despite some changes in the leadership of the national security apparatus, conditions have not improved.

“There is hardly any need to itemise the adverse impact of insecurity on food prices, productivity, ease and cost of doing business, investor confidence and national pride,’’ he stated.

He added that as a policy think tank, the NESG would continue to offer policy advice to any government in power in the national interest.

He commended the Federal Government for initiating the recently-launched National Development Plan (2021–2025).

“We remain resolute in our mandate – we will continue to be in the vanguard of economic reforms and positive change.

“The Board of Directors of the NESG notes and commends the Federal Government for commencing the implementation of the Medium-Term National Development Plan (2021–2025),’’ Ighodalo also stated.

He called for steps by the government to tackle revenue challenges that created room for rising national debt.

“Government must take decisive action to tackle its revenue challenges which cannot be divorced from leakages through oil theft, difficult operating environment for businesses, and lack of innovation in tax collection.

“The challenges have resulted in low accretion to the nation’s revenue base. We strongly believe these leakages have continued unabated because of the absence of sanctions and ineffective tax systems.

“We must return to the path of debt sustainability in the face of dwindling revenues not to create a debt burden for future governments and, indeed, future generations.

“We must prioritise our expenditure, limit our spending to items we can sustain, and eliminate wastage and graft in government,’’ he stressed.

Ighodalo also urged all tiers of government to lead by example through drastic reduction in governance costs to reflect the austere times.

“We strongly advise greater transparency and simplicity in the management and communication of various subsidies, like in petroleum products and electricity, to establish their true costs that benefit the people,’’ he stated.

According to him, urgent action is required to ensure food self-sufficiency by prioritising critical value chains and supporting private sector-led interventions.

Tags: Oil
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigerians kick against re-opening of schools as COVID-19 bites harder
Economy/Technology

With NELFUND’s Disbursement of N53b, Nigerian students have cause to celebrate – TMV

May 9, 2025
Nissan recalls 1,150,000 vehicles in 3 months
Economy/Technology

Profit surge among Nigeria’s loss-making companies indication of economic recovery – IMPI

May 8, 2025
Economists Challenge IMF on call for further VAT increase in Nigeria
Economy/Technology

Nigeria will do better than IMF’s 3% growth forecast for 2025, Think Tank predicts

May 6, 2025
Egypt’s economic strides excite AfDB
Economy/Technology

AfDB President, Adesina wrong on Nigeria’s GDP at Independence – IMPI

May 5, 2025
Nigerians kick against re-opening of schools as COVID-19 bites harder
Economy/Technology

Nigeria’s scrapping of foreign education Scholarship will curb waste

May 3, 2025
Nigeria marks Workers’ Day as labour, government seek support for workers’ welfare
Economy/Technology

TMSG hails FG for keeping faith with wage award deal with Labour, urges states to follow suit

April 30, 2025
Next Post
Zungeru Hydropower project to engage skilled professionals

West African Power Pool to create liquidity enhancement fund

Rise of cryptocurrencies in Africa. That’s both good news and bad

UNCTAD outlines actions to curb cryptocurrencies in developing countries

Recommended Stories

BPP partners with World Bank on public procurement standard

BPP partners with World Bank on public procurement standard

April 25, 2022
100 millionaires emerge at Dangote promo

100 millionaires emerge at Dangote promo

October 27, 2022
Edo unveils plans for investment desks

Investment in critical sectors will ensure double-digit growth – Asset manager

April 24, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • With NELFUND’s Disbursement of N53b, Nigerian students have cause to celebrate – TMV
  • Profit surge among Nigeria’s loss-making companies indication of economic recovery – IMPI
  • Nigeria will do better than IMF’s 3% growth forecast for 2025, Think Tank predicts

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us