Buhari Links Oil Sector Woes To Recession

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President Muhammadu Buhari has linked the economic recession ravaging the country to the woes in the oil sector.

Buhari stated this while inaugurating the governing board of three parastatals of the Ministry of Petroleum Resource at the Presidential Villa, Abuja, Friday.

The President therefore charged members of the board to bring their wealth of experience to assist the ministry chart ways out of the present economic challenges.

The parastatals are the Nigeria National Petroleum Corporation (NNPC), Nigerian Content Development Monitoring Board (NCDMB) and the Nigeria Nuclear Regulatory Authority (NNRA).

The new boards, according to the President are to be chaired by the Minister of State for Petroleum Resource, Dr Ibe Kachikwu.

Buhari regretted that the situation had translated into dwindling production by most produces nations and urged members of the boards to ensure propriety in the management of what he described as the nation’s most important national institutions.

You should advise the minister and the corporation’s management on the most effective way for Nigeria to get more money from our assets.

“My expectations from the members of these boards is for them to ensure that 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 said.

Responding, the minister assured that the boards would work in line with the disposition of the current administration to entrench transparency in the country.

He said the boards would work assiduously to fulfil their mandate to the people of Nigeria with special focus on ways of improving the economy.