President Muhammadu Buhari has announced the inauguration of a Presidential Committee on the National Economy, to look into issues causing the decline of crude production.
Buhari disclosed this in a statement issued on Friday evening.
He also noted that producing at about half the OPEC quota has deprived Nigeria of much-needed revenue and foreign exchange.
What the President is saying
The President said “Today I inaugurated a Presidential Committee on the National Economy, to bring together all policymakers responsible for the economy, against the backdrop of disruptions caused by Covid-19, complications from the Russia-Ukraine conflict, and the decline in our oil production.
“Starting with COVID-19 and now the conflict in Ukraine, the past three years have been turbulent ones for the global economy, and we have all had to deal with volatility, uncertainty, complexity, and ambiguity.
“Of course, some of the issues facing us are peculiar to us. For example, the decline in our production of crude oil, essentially due to economic sabotage.
“With the high price of oil in the world markets, producing at about half our OPEC quota has deprived us of much-needed revenue and foreign exchange. We are working tirelessly to reverse this situation.”
On the bright side, he noted that Nigeria’s economy continues to grow despite the adverse effects of rising interest rates, a stronger US dollar and higher inflation across the world.
“The Presidential Committee on the Economy, which I will chair, will serve as an economic ‘Emergency Room’ that will work towards keeping Nigeria on the path of economic recovery and growth, global competitiveness, inclusive development and sustainability,” he added.
The Presidential Committee on the Economy is chaired by President Muhammadu Buhari and has as members the Vice President, Professor Yemi Osinbajo SAN; Dr. Kayode Fayemi, Chairman of the Nigeria Governors Forum; Dr. Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget, and National Planning; Otunba Niyi Adebayo, Honourable Minister for Industry, Trade and Investment; and Chief Timipre Sylva, Honourable Minister of State for Petroleum.
Other members include Mr. Boss Mustapha, Secretary to the Government of the Federation; Prof. Ibrahim Gambari, Chief of Staff to the President; Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria and Dr. Mohammed Sagagi, Vice Chairman of the Presidential Economic Advisory Council.
The Chief Economic Adviser to the President, Dr. Doyin Salami, is Member/Secretary of the Committee.
What you should know
- Nairametrics reported that Nigerian Upstream Petroleum Regulatory Commission’s August 2022 oil report revealed that Nigeria’s daily crude oil production fell below 1 million barrels per day (BPD) for the month of August to 972,394 BPD, which was below Angola’s average daily output of 1.17 million barrels.