Baru noted that it was far more cost effective to create awareness and improve reporting skills and technique of staff members considering the huge outlay of time and resources that goes into the investigation and prosecution of fraud when allowed to fester.
“The intervention fund has all-in single digit interest rate of 8 per cent for loans extended to Nigerian oil and gas service providers and all-in single digit interest rate of 5 per cent for loans extended to community contractors,” he stated.
Malami said he would order an immediate investigation and also ensure that all ongoing investigations about the payments and sharing of the accrued revenue to the affected communities are accorded due attention.
This was disclosed in a report obtained from the NBS website, which showed that the price of petrol increased to N146 in October from N144.5 in September 2017.
“This plan, akin to the Saudi Arabian government’s economic diversification plan, should include a clear strategy with interlinked policies, trade, industrial, fiscal and far reaching structural and governance reforms of the NNPC that could include partial privatization”
This latest threat is coming a week after the notorious militant group, the Niger Delta Avengers threatened an end to the ceasefire agreement it entered with the Federal government last November, and the resumption of violence in the region.
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“We discover oil everyday and we explore it and if we calculate the overall oil revenue projection for 2018, it is almost 60 per cent, so we need to expand the frontiers of oil anywhere we find it in the country.”
“Because of the sensitivity of the items we recovered in the house, we took them along with Bitrus down to our office. We then engaged the services of a lock expert to unlock the safe. All these were camera-recorded.”
