The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Chief of Defence Staff, Major General Christopher Musa have vowed to curb oil theft and pipeline vandalism in the Niger Delta region in a renewed bid to push for higher crude production.
Both agreed that the menace of oil theft which has seriously curtailed production and export has significantly impacted Nigeria’s ability to fund its budget and generate foreign exchange.
Speaking in Abuja when the CDS visited him, Senator Lokpobiri said, “The quickest way to solve our economic challenges is through the oil and gas sector.
“Today, oil sells for over $90 per barrel and if we ramp up production and we reduce the level of oil theft and pipeline vandalism, we will be able to raise the requisite money to be able to fund not only our budget, take care of our forex problems and then ensure that we stabilize our economy.”
- Reversing tariff increase will cost Nigeria N3.2trn in subsidy — NERC
- Rise in costs of cooking fuel, electricity spells doom for Nigerian trees
The Minister said there is no country in the world that does not prioritize security and investment in its oil assets.
Earlier, General Musa said the military was determined to end oil theft and pipeline vandalism in the region to boost the country’s oil production.
“We know all the challenges that we are facing, some of them directly and some indirectly. This is to assure that the armed forces of Nigeria are fully in support of you and your ministry and we will continue to provide the necessary support to ensure that the country benefits from the God given resources that we have”, he stated.
