• Privacy Policy
  • Terms
  • About us
  • Contact Us
Friday, March 24, 2023
  • 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

AfDB, BCI promote women’s access to finance in Africa with $485,000

Cooking gas price increased by 24.05% in one year – NBS

Nigeria inaugurates Committee on African Growth and Opportunity Act

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.

ALSO READ  Nigerians happy over rising price of crude oil

“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.

ALSO READ  Perenco’s PetroChad Exports First Oil via Chad-Cameroon Pipeline

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.

ALSO READ  Lekki Deep Seaport: Lagos reaffirms timely completion of road networkSea

“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

Traditional female weavers yearn to boost earnings
Economy/Technology

AfDB, BCI promote women’s access to finance in Africa with $485,000

March 24, 2023
SON alerts on second hand gas cylinders
Economy/Technology

Cooking gas price increased by 24.05% in one year – NBS

March 24, 2023
Economy/Technology

Nigeria inaugurates Committee on African Growth and Opportunity Act

March 24, 2023
Nigeria urged to create enabling space for Fintech operators
Economy/Technology

CBN debunks viral news suspending fintech companies’ accounts

March 24, 2023
Reliable data critical in eradicating child labour- NBS boss
Agriculture

Food prices continue to rise in February- NBS

March 24, 2023
Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

CBN confirms evacuation of banknotes, directs banks to open for weekend operations

March 24, 2023
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

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

WTO postpones conference due to pandemic travel restrictions

EU takes China to WTO over high-tech patent protection

February 19, 2022
FG to lift suspension on Nigerdock – Sambo

FG to lift suspension on Nigerdock – Sambo

November 25, 2022
Commission plans to liberate 38% illiterate Nigerians

Security dominates Nigerians’ needs for 2022

January 2, 2022

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
  • Hoarding causes hike in prices of grains

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

    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

  • AfDB, BCI promote women’s access to finance in Africa with $485,000
  • Cooking gas price increased by 24.05% in one year – NBS
  • Nigeria inaugurates Committee on African Growth and Opportunity Act

Categories

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

© 2022 Domo Tech World - Powered by Thematterspress.

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

© 2022 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
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?