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Nigeria has discovered huge crude oil concentration in Borno State, North-East, raising the hope of the region joining the league of oil producers.
The Permanent Secretary, Ministry of Petroleum Resources, Dr. Jamila Shua’ra, broke the news on Thursday at the presentation of the 2016 petroleum sector scorecard in Abuja.
She said that the discovery of crude oil in Borno State was one of the achievements of the ministry during the year.
“Our doggedness culminated in the discovery of oil in new frontiers – Lagos and Borno,” Leadership reported on Friday.
She also listed the introduction of the petrol Price Modulation Matrix as another achievement of the ministry.
Other achievements are the all round availability of petrol in all outlets; eradication of payment on fuel subsidies; and located foreign direct investment to finance midstream oil and gas infrastructure.
The adopted exit strategies on Joint Venture Cash Call; robust engagement of host communities to reduce agitations; and creation of more stable industrial relations,” she said were other achievements.
Vice President Yemi Osinbajo, who presided over the ceremony, stated that the deregulation of the downstream sector, which led to the elimination of petroleum subsidy, saved the government a burden of N15.4 billion monthly.
The vice president was represented by the attorney-general and minister of justice, Abubakar Malami.
He stated that the oil and gas sector remain very critical to the stability and growth of the nation’s economy as it accounts for about 90 per cent of the country’s earnings, in addition to contributing substantially to the inflow of foreign exchange and growth of foreign reserves.
Prof. Osinbajo further disclosed that the Federal Executive Council (FEC) had recently approved new measures and strategies aimed at eliminating the burden of Joint Venture Cash Call arrears and easing future payments in the up-stream sector, stressing that the strategies are fully supported by the National Economic Council (NEC).