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.