Senator Adeola Expresses Worry over Cost of Crude Oil Production
The Senate says that high cost of crude oil production will not favour the Economy.
The Chairman Senate committee on Finance, Mr Solomon Adeola, stated this in Abuja while interacting with revenue generating agencies, led by the minister of finance, Zainab Ahmed, Senator Adeola, expressed concern that the gains from the nation’s crude oil production was too minimal to fast track economic growth and development.
The Group Managing, Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari, Represented, by the chief operating officer, upstream, Yemi Adetunji, explained that the high cost of crude oil production was occasioned by high rate of insecurity in the country.
He explained that vandalism has also been responsible for the high cost of laying crude oil pipes.