FG Dey Move Make Dem Stop Misuse Of Oil Exploration Funds

FG don raise alarm say some people dey misuse Nigeria Frontier Exploration Fund wey suppose dey use am only for oil exploration. Di Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, talk say anybody or agency wey dem catch dey mismanage di fund go face wahala. He talk dis one for Lagos during di 43rd Annual International Conference and Exhibition of di Nigerian Association of Petroleum Explorationists (NAPE), say some people dey undermine di fund objectives. Di Frontier Exploration Fund, wey dem set under di Petroleum Industry Act (PIA), suppose dey finance new oil exploration for places like Chad, Sokoto, Anambra, Benue and other areas wey dem never explore well. Lokpobiri talk say since di law start, di fund never really dey used well, and some money don dey borrow for other things wey no concern di fund.

Di minister talk say, “We get di Frontier Exploration Fund for NUPRC under di PIA. Di fund suppose dey use for di purpose wey dem put am for PIA. Since I become minister, we never put plenty focus for using am to explore dis areas wey dem never explore well.” He warn say di misuse fit damage di oil and gas sector. Lokpobiri add say, “Some people dey borrow di fund for different things. If money dey lie there, somebody go borrow am, promise say dem go return, but dem no go return. Who we go hold responsible?” He talk say all wey dey exploit or mismanage di fund must face wahala, and di money suppose go only for real exploration to grow Nigeria oil reserves. Di minister call di underuse of di fund disservice to Nigeria energy security and economy, say if dem no start fresh exploration, di country proven reserves and production level fit stop grow. He remind say most Nigeria oil discoveries don dey long time, so dem need act fast to maintain production and revenue.