President Muhammadu Buhari reiterates determination to reposition Nigeria’s oil sector

President Muhammadu Buhari has reiterated his administration’s determination to end the dirty and dubious business transactions of exporting crude and importing finished products into the country.

The President reaffirmed this in a nationwide broadcast to mark Nigeria’s 55th Independence Anniversary.

He said already preliminary steps had been taken to sanitize the Nigeria National Petroleum Corporation-NNPC and improve its operations so that the inefficiency and corruption could be reduced to a minimum level.

According to him, in addition to sanitizing the NNPC, his administration has ordered for a complete audit of other revenue generating agencies mainly Central Bank of Nigeria, Federal Inland Revenue Service, Customs, NCC, for better service delivery to the nation, stressing that prudent housekeeping was needed now more than ever in view of the sharp decline in world market oil prices.

On power, the president said government officials had held a series of long sessions over several weeks about the best way to improve the nation’s power supply in the safest and most cost effective way, noting that the current improvement in the power supply was moderately encouraging.

Buhari further reassured that his administration would continue to address challenges facing the three tiers of government to ensure peace and speedy transformation of the economy and added that at an early stage, the Federal Government addressed the issue of salary arrears in many states and sued for continued peace, unity and cooperation.

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