SCORECARD: How Nigeria's oil sector fared under Buhari as petroleum minister

As the Muhammadu Buhari eight-year reign ends on 29 May, Nigerians continue to reflect on the various challenges faced in the petroleum sector and how it affected their livelihood.

To achieve these objectives, six months after he was elected president in 2015, Mr Buhari appointed himself as Minister of Petroleum Resources, a move that many Nigerians said would engender transparency and accountability in the nation’s opaque oil sector., “I will remain Minister of Petroleum. I will appoint a minister of State for Petroleum”.

Earlier in January 2012, Mr Jonathan’s administration had announced the removal of subsidies from petroleum products, thereby, adjusting the benchmark price of petrol from N65 to N141 per litre. The move triggered massFollowing the protest that lasted some days, the Jonathan administration was forced to reverse the fuel pump price to N97. Just before leaving office in 2015, it was further reduced to N87 per litre.

When fuel queues resurfaced during the Christmas and New Year celebration of 2018, the Nigerian National Petroleum Corporation said the landing cost of petrol was for months about N171.40 per litre, which is N26.40 above the official pump price of N145.

“Nigeria cannot sustain its low pump prices of petrol amid shrinking revenue and poor foreign exchange earnings,” Mr BuhariHe said that Nigeria suffered a significant drop in foreign exchange earnings and revenues due to a 40 per cent drop in oil prices and a steep drop in economic activities.He added that the government, since coming into office, had recognised the economic argument for adjusting the price of petroleum.

As concerns were raised over the sustainability of the subsidy regime, the Nigerian National Petroleum Company Limited alsoThe government subsequently said that it will phase out the subsidy regime by the end of the first half of the year.the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration. Mrs Ahmed said that the council deliberated on the matter and resolved that the subsidy cannot be removed for now.

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