Home BUSINESS OIL & GAS Nigeria Still Suffering From Effects Of Rushed Government Policies – Buhari

Nigeria Still Suffering From Effects Of Rushed Government Policies – Buhari

President Buhari receives in Courtesy visit Newly Inaugurated National Executives of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in State House on 13th Dec 2018

President Muhammadu Buhari has regretted that Nigeria is still suffering from the effects of many legacy of government policies that were rushed and passed without fully appreciating the consequences the provisions embedded in them.

The President, who agreed that the Petroleum Industry will unlock numerous untapped potentials for the nation, cautioned that such reforms must be well thought out and must have the best interest of Nigeria and Nigerians as its core objective.

“Such reforms cannot and must not be rushed if we must get it right. We are still suffering from the effects of many legacy policies that were rushed and passed without fully appreciating the consequences the provisions embedded in them.

President Buhari, who spoke today, Thursday, at an audience with the National Executive Council members of the National Union of Petroleum and Natural Gas Workers (NUPENG) at the Presidential Villa, Abuja, said: “whatever decision we take now will impact either negatively or positively on generations to come.

“The Petroleum Industry Bill was conceived to ensure Nigeria’s future generations are positively impacted by its oil wealth. It was never about short-term gains. I want to assure you that dialogue on the Petroleum Industry Bill is still ongoing. At the end, we will have a bill that the nation will be proud of.”

Buhari admitted that the Public Private Partnership approach which his government adopted to rehabilitate the existing refineries has taken longer than expected, but assured that the NNPC has concluded the process for selecting the private sector partners that will rehabilitate the refineries.

“I am informed that they are working out finances and hopefully, work will commence soon.

“However, we will continue to support innovative ideas that will bring new refinery investments into the country. In this respect, I look forward to receiving suggestions from your members on how we can move forward.

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“As one of the architects of the Nigeria Contents Monitoring and Development Act, I am sure NUPENG members appreciate that a key principle of this act is the indigenisation of certain processes and production functions. Indigenisation means local value addition leveraging local resources where possible.

“The Act specified minimum local content requirements, including manpower, for all projects and contracts in the oil and gas industry. The Nigerian Content Development and Monitoring Board is fully empowered to ensure compliance. I will direct the Hon. Minister of State Petroleum Resources to review the issues you have raised and take appropriate action to ensure compliance with the Act by operators in the industry.”

Buhari advised NUPENG executive to submit any specific petition to the Minister of State with the assurance that such will be looked into diligently.

He assured them that his government is working hard to make the business environment easier and friendlier for investors, both local and international. “It is, therefore, our collective duty to provide constructive guidance to enhance operations of investors in the oil and gas sector. Therefore in drafting any petition, I would ask that your submissions are supported with facts.”

The President noted that that pipeline vandalism has declined in the Niger Delta region, assuring that his government will continue to promote peaceful engagement with the communities while at the same time maintain the government readiness to respond to any hostile acts of sabotage.

He assured that his government will not relent on its drive to create an inclusive, diversified and peaceful Nigeria.

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