*To complete stalled hydro projects
01 July 2015, Sweetcrude, Abuja – President Muhammadu Buhari has pledged that his administration will undertake appropriate reforms and implement fresh policies to boost national income from oil and gas production.
The President said that his government will also give priority attention to the security of oil and gas installations as well as maritime security in its bid to boost national earnings from the sector.
Buhari who spoke at separate meetings with officials of Exxon-Mobil and the Nigeria Liquefied Natural Gas Company, NLNG, in Abuja, said the removal of bureaucratic bottlenecks created by multiple government agencies that currently impede the operations of companies in the oil and gas sector would be priority in the reforms to be undertaken of the sector.
Giving further insight, the President said, “The vandalism of oil installations and pipelines, piracy, oil theft and the fall in the international price of oil have made our economic situation very disturbing.
“This government will do all within its powers to secure the environment and encourage more investments in the oil sector,’’ President Buhari said, adding that his administration would ensure that Nigeria’s oil and gas industry quickly becomes more globally competitive.
He assured the NLNG delegation of his administration’s full support for plans to expand the total production capacity of the company, the President regretted that political squabbles and interference in the past had prevented it from attaining its full potentials.
Meanwhile, President Buhari has said his administration would give the highest possible priority to the rapid improvement of power supply across Nigeria.
The president spoke when he had an audience with officials of CCECC, the Chinese Construction Company, working on the Mambilla power project.
Buhari said it was quite regrettable that power generation in Nigeria had failed to keep pace with national needs over the years.
The president added that his administration would ensure that the Mambilla project and other unfinished hydro-power projects in the country are completed expeditiously to boost power supply in the country.
“I am very much interested in Mambilla and other hydro-power projects, not only for the improvement of power but also for irrigation as both power and irrigation projects will help to improve the lives of Nigerians.
“I am going to ask for details of the Mambilla Hydro-Power Project and others. Very soon, we will get together and redefine the project agreements for faster results,’’ Buhari said.
The Managing Director of CCECC, Mr. Zhang Heng, who led his company’s delegation, told the president that work on the Mambilla project was being delayed by the failure of previous administrations to provide the counterpart funding specified in the agreement with the Chinese government.