Tuesday 28th March, 2017
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Oil exploration gulps N1trn annually - Reps

Oil exploration gulps N1trn annually - Reps

In the midst of dwin­dling oil price at the international market, a stunning revelation at the House of Representatives yesterday indicated that the nation loses an aver­age of N1trillion every year as production cost in the exploration of crude oil.
The Chairman, House of Representatives Com­mittee on Appropriation, Hon Abdulmumin Jibrin, made this revelation on Wednesday.
Fielding questions from newsmen on the fate of the 2016 Budget, Jibrin said,
“There’s a production cost for which we pay an average of 1trillion annu­ally in the exploration of crude.”
The lawmaker, who said the budget would be passed by both chambers of the National Assem­bly on February 25 also cautioned ministries and parastatals on the need for fiscal discipline with regard to personnel costs and returns, especially the revenue generating ones.

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