President Muhammadu Buhari has restated the determination of his administration to continue to protect the country’s oil assets and installations.
Speaking at a meeting on Tuesday with the Director of Global Upstream of Shell Oil Company at the State House, Abuja, President Buhari said he will leave a legacy of improved infrastructure, particularly in the power sector, and also ensure better security in the Niger Delta.
“It is only by doing this that investor morale and confidence will return, and the economy will be positioned on the path of growth,” He said.
According to a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, President Buhari commended Shell for their faith in the economy and staying power.
The president also gave assurances on some issues of concern raised by the company especially the protracted issue of cash calls.
The minister of Budget and Planning, Udoma Udo Udoma, some weeks ago, revealed that the Federal Government has not been able to fund its counterpart Joint Ventures Companies, JVCs, and cash calls totaling $6 billion for several months due to revenue shortfalls.
The President assured other oil firms that the Federal Executive Council will soon consider a proposal for the easing of unpaid arrears owed by the government.
President Buhari said the security of oil infrastructure will continue to be priority of his administration which will include the dialogue with the stakeholder-communities in the Niger Delta.
He, however, urged oil companies to take more responsibility in the protection of oil installations to complement the efforts of Nigerian Navy in the region.
The Shell director, Andrew Brown, revealed that the company has resumed oil exportation through the Forcados terminal following its restoration.
He also commended the anti-corruption stance of President Buhari’s administration as well as the efforts to streamline and stabilize the economy for long term projects.