The Senate on Monday descended heavily on the Nigerian National Petroleum Corporation over the astronomical cost of production of the nation’s crude oil which peaked at $21.2 per barrel.
The Senate Committee on Finance at a meeting with the Minister of Finance and heads of revenue generating agencies over the revised 2020 budget in Senate committee room 204 lampooned the NNPC over the unimaginable high cost of production of Nigeria’s crude oil. The lawmaker also asked about who determines the production cost, saying: “With the benchmark of $25 as proposed, Nigeria is just going to have just $3 as its own return on investment as I begin to look at the oil revenue and the mineral revenue as proposed in the MTEF that has dropped from almost N8.86 trillion to N3.33 trillion. Are you saying that it is worthwhile investment for us as a nation?
“In some cases, we are trying to take them to deeper levels but those ones will add to cost of production like going 10 metres to 15 metres deep. It will add to the cost about three or four times the cost of production as against putting the pipelines on the surface. “So, how is our own so peculiar that our cost of production is up to $21 per barrel? Which are those administrative issues why are we different from the rest of the world? These are issues that as National Assembly we are supposed to take up.”
They are not all dumb after all, hopefully they are 'beginning to wake up'.
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