Poor Administration of the Oil sector led to Nigeria’s poor revenue – The Nation
Minister of State Petroleum Resources, Dr. Ibe Kachikwu said yesterday that poor governance and weakness in the fiscal administration of the oil sector led to inadequate allocation, mismanagement, ”Dutch disease” and collection of oil and gas revenues for the government.
He spoke at the Universiy of Nigeria, Nsukka (UNN) while delivering the 45th convocation lecture of the university titled: Oil Resource Management and Implications for National Security and Economic Survival.
He said continuous rise in expenditure when oil revenue was high led to accumulation of large public sector debt. He noted that in previous years, little attempt was made to diversify oil and gas resource income.
He gave assurance of his commitment to move the petroleum industry forward saying that with the recent development and technological innovation in United Stataes, Nigeria’s reserve will last for between 20 and 25 years.