Falling oil prices, opportunity for better Nigeria, says TUC

Mkpoikana Udoma 06 January 2016, Sweetcrude, Port Harcourt – Trade Union Congress of Nigeria, TUC, has described the falling crude oil prices in the international market as an opportunity for a better Nigeria as it presented an option for government to adopt cost-cutting measures.
Crude-oil-decline“We are of the considered view that the falling crude oil price provides a good opportunity for government at all levels to block all leakages in the system such as corruption, inefficiency, oil theft and the huge cost of governance in Nigeria”, TUC said in a 12-point 2016 new year message.
It maintained that the amount of money lost to corruption and inefficiency in Nigeria was more than 40 percent of the annual budget.
“Also, the amount of money lost to oil theft and pipeline vandalism is humongous. By government’s own admission (which is very conservative) about 10 percent of Nigeria’s total crude oil production of about 2.5 million barrels per day is stolen.
“This is almost two and a half times the total production of our neighbour, Ghana,” the union stated.
It maintained that this period of falling oil price should therefore be an opportunity for government at all levels to truly fight corruption, reduce the inefficiencies in its operations, pass the Petroleum Industry Bill, PIB, into law and stop the brazen stealing of Nigeria’s crude oil.
TUC urged the Federal Government to engage key stakeholders, including the labour movement, as a measure towards finding credible solutions to the current energy crises.
According to it, such credible solutions must be anchored on growing the local refining capacity such that within the next five  years Nigeria would meet locally all her domestic demand for refined petroleum products and commence export within the next seven years.

 

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