Nigeria has been hit by the misfortunes of the oil sector, but several other countries are hit much harder, President Muhammadu Buhari lamented Friday.

He spoke inside the Council Chambers of the Aso Rock Presidential Villa in Abuja on Friday while inaugurating the boards of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Content Development Monitoring Board (NCDMB) and the Nigeria Nuclear Regulatory Authority (NNRA).

Buhari said the new boards were coming at a time when the global petroleum industry was witnessing a downturn in purchase which, he noted, had also translated into dwindling production by most producer nations.

"Nigeria has been hit by the misfortunes of oil industry but several countries have been hit much harder," the president stated.

He expressed optimism that the NNPC board chaired by the Minister of State for Petroleum, Ibe Kachikwu and composed of other well selected persons with the experience and knowledge would drive the corporation into harnessing its potentials and fulfilling its expectations to Nigeria "even at this challenging time in the oil and gas industry."

The president said the importance of the boards could not be over-emphasised "because oil and gas industry are the country's foreign earners."

He said the boards should ensure propriety in the management of "these most important national institutions. You should advise the minister and the corporation management on the most effective way for Nigeria to get more money from our assets.

"My expectation from the members of these boards is for them to ensure that the NNPC charts a way to face current economic challenges.

"This will involve a careful look at the ongoing reforms designed to steer the corporation to achieve better performance and efficiency. In addition, you should explore more innovative ways to resolve the joint venture funding constraints and other investment issues."

He noted that since the inception of his administration, there had been an improvement in transparency through publishing monthly operational and financial reports of the NNPC, saying

"This added to the major restructuring of the corporation and the liberalization of the downstream sector which are pointers to the determination and focus of the new NNPC under this administration."

Describing the task before the boards as enormous, Buhari expressed confidence that with the wealth of experience and knowledge of members, the desired growth, the government aspirations and those of Nigerians would be achieved within a reasonable time frame.

On behalf of others, Kachikwu thanked Buhari for their appointments and assure that "the people you've appointed are competent, experienced and nationalistic and will do their very best to reduce the burden on your shoulders."

Addressing State House correspondents later, NCDMB Executive Secretary Simbi Wabote said: "We'll come up with a clear Nigerian content blueprint, and everybody will be aware of where we want to be in the next five years."

Wabote also assured that they would do the right thing to ensure attract foreign investments into the country and manage local resources effectively.

http://www.dailytrust.com.ng/news/general/nigeria-hit-by-oil-misfortunes-says-buhari/172297.html#TTJpjymZVe1EGzxy.99

why is this dullard obsessed with oil

Super-clueless president.Yet you're so obsessed with oil that you ordered for it exploration in the north even with this your self-inflicted biting economic recession with no blueprint on solving same.The most foolish,senseless & useless president ever seen in the history of humanity.

Mtcheeew BUHARI been speaking and claiming as if he no something about the oil since 1805AD

Mr bubuhari u are the real problem facing Nigeria useles old dullard

Yipee! Its my birthday show me some love!

Yes, I think Nigerians know this already, what we want to hear and see is the solution.

Buhari should shut up and tell us why he is sinking billions searching fpr oil in NE

But he promised to stabilize the world oil price, no be so?

Bad workmen also complain about their tools

This guy can wail. I wonder if he gets tired of complaining about Jonathan, Oil prices, and curruption.

1 change what you don't like about your predecessor policies.

2. Diversify the economy as whole instead and focus on Northern oil exploration. Focus on Nigerian agriculture by subsidizing irrigation tech. Northern Nigeria suffering desertification so this wold help nation as whole. Encourage mining since there's lots of solid mineral deposits.

3. Continue infastrure plan.

4. Keep fighting your war on curruption. Less media drama more court convictions.

5. Keep up progress with boko haram.

6 complain less baba.

Oil obsession! Just shows that he knows nothing more...that's all he can depend on despite the myriad sources of revenue lying untapped and poorly regulated. His ignorance is factory fitted I swear

buhari is a hopeless vagabond

Not even 1 positive post about our President. Smh** Nigerians will always be Nigerians

His idiocy is the main problem...

Buhari is a nightmare come true for Nigeria

Baba it is Jona ooo let's not blame oil abeg...

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Buhari sef

nigeria is being ran on old i deas
iyabo obasanjo


nigeria is being presided over by a certified dullard......sarrki pls come n take ur president

Mr. President goofed big time.
He actually made unguarded statements, convincing his supporters to actually believe he would stabilize oil prices.
He then mislead his cronies to believe the crude oil isn't key to his administration, brushing every concerned party aside.
He then played the economic diversification card but proceeded to sink billions in an unfounded North Crude Oil project. Smh

Below are some of them in the heat of the moment

Buhari is the best president in Africa

Eze gworo lelu ule

Blame Games Again

you still haven't stop your fruitless search in NE. Mtcheew

Oil mogul

One day this man will blame Murinho, pogba and Ibrabimovic for our problems.

Nope. Rather, Nigeria got hit by Buhari misfortunes.

While the recession was long in coming, and to a certain degree resulted through no direct fault of yours, you and your economic team have proven undeserving of even a single vote.

It's been almost two years since you came in, yet, we still cannot feel that you are headed towards any direction at all economically. No blue prints, not even rumor of policy formulation, no nothing! How the heck were we supposed to get out of the quagmire?!

Why is our currency the worst hit? Why were prices increasing in tandem with rising sea levels in summer as though it were a competition? Why are people getting laid off till date? Why does the government make paying workers seem like a favor? Why do people have to suffer what could have been prevented?

Because you all failed to act!

An economy that moves forward is one with thinking leaders. You guys have made progress seem like rocket science.

Now, the only hope of the common man is for the years to roll by fast.

Posterity will be ashamed we had you, twice!

dat is the dullard speaking

Diversify the economy you dullard....diversify

.

Dullardino