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Nairaland Forum / Nairaland / General / Politics / Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo (403 Views)
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Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by TheRareGem1(f): 4:49pm On Nov 17, 2020 |
The Vice-President, Prof. Yemi Osinbajo, has said the oil production cut deal by the Organisation of Petroleum Exporting Countries and its allies has resulted in lower revenue generation for the Federal Government. Osinbajo said on Tuesday that the Ministry of Petroleum Resources had a mandate to drastically reduce the unit cost of crude oil production in the country in order to increase government revenue. “It is imperative that in our current era of scarce resources, we should aim at a unit cost of production in single digit,” he said at the 38th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists. The Vice-President, who was represented by the Minister of State for Petroleum Resources, Timipre Sylva, said the collapse in crude oil demand due to the COVID-19 pandemic caused the recent sudden slump in oil prices. The low price and OPEC+ crude oil production curtailment have largely resulted in lower revenue generation for the government,” he said. Osinbajo expressed confidence that the country would achieve the desired goal of finding more hydrocarbon deposits in the Nigerian basins, notwithstanding the curtailment in production. He said, “We have the assurance that production curtailment will soon be over as the world economy improves. In order to grow our reserves, we have proposed fiscal incentives that will attract the investments in our basins in the Petroleum Industry Bill. “In addition, the fiscal provision for gas business will be one of the most attractive in Africa.” https://punchng.com/fgs-revenue-hit-by-oil-production-cut-will-end-soon-osinbajo/
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Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Kestolove(m): 4:58pm On Nov 17, 2020 |
Dis is our president come 2023 inshallah. 1 Like |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Joylove2324(f): 5:01pm On Nov 17, 2020 |
He said, “We have the assurance that production curtailment will soon be over as the world economy improves. In order to grow our reserves, we have proposed fiscal incentives that will attract the investments in our basins in the Petroleum Industry Bill. Me: Keep working hard Mr Vice President. Comes 2023, we got you. |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by CodeTemplar: 5:03pm On Nov 17, 2020 |
Shameless things, instead of truly diversifying the economy, they take pride in join the Intl mafia organization, OPEC. The anti-market trait touches every sector in Nigeria that even tomatoes in Nigeria has association of sellers who regulate price & profit. |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Zeesugar(f): 5:05pm On Nov 17, 2020 |
We have to lookout for other sectors tooo |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by TheRareGem1(f): 5:06pm On Nov 17, 2020 |
4fourrr: Stop the hating |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Shooyie: 5:15pm On Nov 17, 2020 |
We appreciate your constant effort to make things work. Keep up the good Job Sir |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Manab: 5:18pm On Nov 17, 2020 |
Zeesugar:I really don't know de problem of dis our country. |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by KpakpaJulaga: 5:34pm On Nov 17, 2020 |
Still depending on Niger Delta oyel . Thought some people said oyel is now worthless and they are diverting to cocoa and groundnut to generate revenue . 1 Like |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Gandollaar(f): 5:35pm On Nov 17, 2020 |
Osunbande again... We are still not buying! |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Joyce95: 5:39pm On Nov 17, 2020 |
Other sectors are also very important |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by helinues: 6:22pm On Nov 17, 2020 |
What have you guys been doing with the revenue when there was no oil cut? |
Re: Fg’s Revenue Hit By Oil Production Cut Will End Soon —osinbajo by Guestlander: 6:38pm On Nov 17, 2020 |
Kestolove: I hope not as long as he doesn't support the restructuring of the country. My vote goes to any party with a concrete plan to end this chaotic arrangement. |
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