Okechukwu Nnodim, Abuja
The Federal Government on Tuesday charged crude oil-producing companies operating in Nigeria to either cut down the cost of producing the commodity or allow it to remain in the ground.
The government stated that while the country’s target was to grow its crude reserves and production to 40 billion barrels and four million barrels per day, respectively, the cost of extracting the commodity from the ground was one of the highest globally.
This is coming as the Nigeria Extractive Industries Transparency Initiative announced that the country lost over $200bn in the past 10 years as a result of the non-passage of the Petroleum Industry Bill.
Speaking at a symposium on the Petroleum Industry Governance Bill organised by NEITI in Abuja, the Minister of State for Petroleum Resources, Ibe Kachikwu, stated that aside the many benefits of the PIGB, the bill would also…
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