NANS URGES FEDERAL GOVERNMENT TO ADDRESS CHALLENGES IN OIL SECTOR AND NAIRA DEVALUATION. The National Association of Nigerian Students (NANS), the umbrella body comprising of over forty million Nigerian students, a movement of Nigerian students with patriotic zeal burning in our hearts, committed to finding a true Nigerian ideal and serving as a crusader for the restructuring and rebirth of the Nigeria nation, in the first instance, commend the Federal Government of Nigeria and the Department of Petroleum Resources for monitoring the petroleum industry operations to ensure they are in line with national goals and aspirations including those relating to Flare down and Domestic Gas supply obligations, and in ensuring that Health Safety & Environment regulation conform with national and international best oil field practice. The National Association of Nigerian Students [NANS] expressed worry about mounting challenges in the oil and gas sector now being aggravated by the falling global oil prices. We urge the Government to address issues such as poor state of the refineries, dwindling oil and gas reserves, rising case of oil theft, non passage of Petroleum Industry Bill among others. Those challenges were impeding the growth of the oil industry on which the country relies for 95 per cent of its foreign earnings and about 80 per cent of the governments revenue. NANS also advise the Federal Government to employ experienced professional with untainted administrative record to man the affairs of Nigerian National Petroleum Corporation (NNPC). Change of leadership has been affecting the industry, imagine having five General Managing Directors of NNPC since 2010; NNPC Group Executive Directors and Managing Directors are changed abruptly without proper succession plans. We, NANS, ably congratulates the Nigerias Petroleum Resources Minister, Mrs. Diezani Alison-Maduekwe, on her emergence as the 177th Organization of Petroleum Exporting Countries [OPEC] President. We pressure her to find ways of curbing falling global crude oil prices, which dropped to about $73.07 per barrel and must canvass to ensure Nigeria does not bear the brunt of current slide in oil price. In the same vein, on naira devaluation, although the devaluation of naira may be termed to have short and long-term benefits to the country, its a big shame to Nigeria that our currency continues to devalue consistently. The genesis of this development is Nigeria’s overdependence on oil as her major source of revenue, as well as the decline of the demand of crude oil, especially from the US, which many experts had warned Nigeria against. If the devaluation of the currency would save the economy, so be it, although this should be a clarion call to the Federal Government on the need to develop other sectors of the economy. SIGNED: Comrade. Ayenuro Timileyin Gbenga The Vice President, National Affairs, National Association of Nigerian Students [NANS]. Officially issued by Comrade. Oguntola Adelowo, Chief Press Secretary to NANS Vice President, National Affairs.
Posted on: Tue, 16 Dec 2014 08:18:40 +0000
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