They forced a starving bleeding country to donate dollars to rich well fed Turkey. Everyday things are done by those in authority that stretch the elasticity of our endurance and tolerance to the limit.
They are doing this with with tax payers’ money. According to the report, PEF is spending scarce foreign exchange on this retreat at a time when the cash-strapped Federal Government is planning to borrow the bulk of $1.5billion to rehabilitate the 32-year-old Port Harcourt Refinery. Questions are being rightly asked about the propriety of spending billions of dollars on futile turnaround maintenance over the years.
Turkey is not in the top 10 oil producing countries in the world. According to a list compiled by the Energy Information Administration, U.S. Department of Energy, tagged, International Energy Statistics 2018, the top 10 oil producing countries in the world include; Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait, United Arab Emirates, Russia, Nigeria, United States, China, Qatar, Brazil, Mexico, and Norway.
The importance of the Petroleum Industry Bill cannot be overemphasized. Nigeria’s oil and gas sector, the mainstay of Nigeria’s economy, is still largely governed by the Petroleum Act and the Petroleum Profit Tax Act, enacted since 1969 and 1959 respectively. Since the enactment of these laws, the global oil and gas industry has changed significantly from an investment, governance and fiscal perspective.