Emmanuel Addeh in Abuja
President Muhammadu Buhari yesterday gave insights into how the reforms initiated by his administration in 2015 saved the oil and gas industry from total collapse.
He stated that the payments of huge cash call backlog owed the country’s Joint Venture (JV) partners took off a huge burden from the Nigerian National Petroleum Corporation (NNPC) while the current transparency drive in the oil corporation was also a product of the reforms.
The president, at the presentation of four books written by a former Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, explained that the sector, which accounts for a huge source of foreign exchange for Nigeria, was in dire straits when he took over.