‘Black gold’ has reportedly been discovered in Borno state.
After many months of exploration, the Nigerian government announced that crude oil has finally been discovered in the north.According to the Permanent Secretary of the Ministry of Petroleum Resources, Mrs. Shua’ra Jamila,the discovery of oil in Lagos and Borno showed the doggedness of the present administration.
Speaking to newsmen, Shua’ra refused to state if it was in commercial quantity and the particular area of Borno state where it was found.
In Her words;
Today, as a team, we have recorded commendable achievements in our sector: the introduction of the PMS Price Modulation Matrix; the availability of PMS in all outlets; eradication of payment on fuel subsidies; located foreign direct investment to finance midstream oil and gas infrastructure; adopted exit strategies on Joint Venture Cash Call; robust engagement of host communities to reduce agitations; creation of more stable industrial relations,
Supporting her statements, Vice President Yemi Osinbajo stated that the deregulation of the downstream sector, which led to the elimination of petroleum subsidy, saved the government a burden of N15.4 billion monthly.
The vice president, who was represented the attorney-general and minister of justice, Alhaji Abubakar Malami, revealed that the oil and gas sector remain very critical to the stability and growth of the nation’s economy as it accounts for about 90 per cent of the country’s earnings, in addition to contributing substantially to the inflow of foreign exchange and growth of foreign reserves.
The ministry announced that the introduction of Price Modulation Mechanism and Appropriate Pricing Framework helped the Federal Government to save N1.4 trillion that would have been expended on subsidy between May and November 2016.
In 2017, the Department of Petroleum Resources, DPR will conduct bids for open blocks and finalize the aborted marginal fields bid round to enhance competition and ease the entrance of new players into the sector.