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President Muhammadu Buhari on Tuesday pleaded with the Niger Delta militants, who recently threatened to resume the destruction of oil facilities in the region, to eschew violence and embrace dialogue to resolve whatever grievances to move the nation forward.
The President made this appeal while presenting the N8.612 trillion budget estimates to a joint session of the National Assembly presided over by the President of the Senate, Bukola Saraki (APC Kwara Central) and the Speaker of the House of Representatives, Yakubu Dogara (APC, Bauchi State). Recall that the Niger Delta Avengers, a militant group that almost crippled oil production in the region with constant attacks on oil facilities between 2015 and 2016, had according to BusinessDay reports on Friday, threatened to resume attacks on oil infrastructure over an allegation that the federal government has reneged on its commitments. The militant attacks had reduced Nigeria’s crude oil output to barely 1 million barrels per day from a possible 2.2 million barrels per day, which helped to push the country into recession.
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The cessation of hostilities in the oil-rich region and the gradual increase in oil prices in the international market to $61 per barrel, had pushed the country out of recession and another round of attacks could reverse the gains being made.
“We cannot afford to go back to those dark days of insecurity and vandalism. We all want a country that is safe, stable and secure for our families and communities. This means we must all come together to address any grievances through dialogue and peaceful engagement. Threats, intimidation or violence are never the answer,” he pleaded.
He said that in the oil and gas sector, the relatively higher crude oil prices have supported Nigeria’s economic recovery, adding that the mutually beneficial engagement with oil-producing communities in the Niger Delta contributed immensely to the recovery in oil production experienced in recent months.
“We would like to thank the leadership and communities in the Niger-Delta for their continued support and to also reiterate our assurances that this Administration will continue to honour our commitments to them,” he said.
President Buhari disclosed that despite the downturn in oil prices and the challenging economic circumstances facing the nation, his administration was able to invest an unprecedented sum of over N1.2 trillion in capital projects through the 2016 Budget, which he said is the highest ever in the history of this country.
“This is a clear demonstration of our commitment to consolidate on our economic diversification reforms and lay a stronger foundation for future growth and development,’’ he noted.
He said further that Nigeria’s Sovereign Wealth Fund, which was established in 2011 with US$1 billion, did not receive additional investment for 4 years when oil prices were as high as US$120 per barrel adding that despite record low oil prices, his administration was able to invest an additional US$500 million into the Fund.
“This further demonstrates that in our struggle to have a stable and secure nation today, we have not, and will not, lose sight of the need to lay a solid foundation for the future prosperity of successive generations,” he said.
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On the clean -up of Ogoni land, which ground-breaking was performed about two years ago, the President noted that his administration is working hard on the project, saying, “During the year, we engaged 8 international and local companies proposing different technologies for the mandate. To enable us to select the best and most suitable technology for the remediation work, we asked each company to conduct Demonstration Clean-up Exercises in the 4 Local Government Areas of Ogoni Land.
“These Demonstrations were recently concluded and the results are being studied by the Governing Council of the Ogoni Clean-up Project. Although the Project will be funded by the International Oil Companies, we have made provisions in the 2018 Budget for the costs of oversight and governance, to ensure effective implementation.”
On the international front, President Buhari lauded partners in the Joint OPEC / Non-OPEC Ministerial Monitoring Committee (JMMC), who graciously exempted Nigeria from the output cuts imposed on OPEC Member Countries in January 2017.
“This exemption, which was extended in September 2017, significantly helped during our most challenging time. We shall continue our positive engagement with other oil-producing nations to ensure that the momentum generated is sustained,” he said.
Innocent Odoh, Abuja
