The All Progressives Congress, APC, Legacy Awareness and Campaign, a think-tank group of the ruling party, says the reforms undertaken by the Buhari-led administration in the Oil and Gas sector is rejuvenating the industry after decades of weak operation.
A statement by one of the founding members of the group, Mallam Lanre Issa-Onilu, says remarkably achievements have been recorded in the sector, namely, the publication of Audited Financial Statements from 2018 to 2020, being the first-ever since the establishment of the NNPC over forty years ago.
Mallam Issa-Onilu described as amazing, the clearing of the backlog of cash call arrears owed international oil companies inherited from past administrations amounting to five billion dollars and the completion of the Escravos-Lagos pipeline system phase 2, doubling its capacity to over two billion cubic feet of gas.
He said the commencement of construction of the Ajaokuta-Kaduna-Kano AKK Gas Pipeline, Nigeria’s biggest ever domestic gas pipeline project in addition to the total revamp of the Port Harcourt refinery was another jinx being broken.
The APC Chieftain cited other giant achievements in the Oil and gas sector to include the resolution of the 12-year oil licence dispute, unlocking over 10billion dollars investment opportunities, particularly, the president’s assent to the Petroleum Industry Bill into law after two decades of unsuccessful attempts.
Mallam Issa-Onilu explained that the unprecedented reforms spoke to the President’s promise to bring long term efficiency and transparency in the management of Nigeria’s oil and gas resources and place it on the path of the world-class industry for the good of the country.
Writing by Abubakar Bestu; editing by Abdullahi Lamino