The Petroleum Equalization Fund Management Board is currently hosting members of the Senate Committee on Petroleum and their counterparts in the House of Representatives at a retreat on the Petroleum Industry Bill in Istanbul, Turkey, with tax payers’ money, LEADERSHIP can authoritatively report.
Although the Federal Government said about $800 million of the funds for the refinery would be coming from appropriation, $200 million from the internal operations of NNPC, and the rest from the African Export-Import Bank , analysts believe that the current tough times call for judicious use of public funds.
Nigeria attracts just a tiny fraction of oil and gas investment in Africa, even though the country is the continent’s largest crude producer and has significant untapped reserves.The nation’s oil sector has a reputation for corruption, inefficiency and problems ranging from high production costs to unrest sparked by environmental damage and lack of development for local communities where oil is extracted. The government has been working on the PIB for 15 years.
Confirming this recently, the Minister of State for Petroleum Resources, Chief Timipre Sylva on September 3, 2020, announced that PEF and PPPRA would be merged to form a new regulatory body called the “Authority”.
Lol. It can only happen in Nigeria
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