The Nigeria Economic Summit Group (NESG) and Oando Plc have said that Nigeria is not benefitting from the high global prices of oil.
According to the stakeholders, the low oil production rate, theft, and pipeline vandalism are the main factors that deny the country the benefits.
As a result of this, fiscal pressure is imploding because of declining revenues and soaring public debt.
The NESG, in a communiqué, said declining investment and divestment, high cost of production and a harsh operating environment contributed to denying the country of the benefits that would have accrued to the country.
The communique was issued at the end of a meeting of its Board of Directors in Abuja yesterday and signed by the Board Chairman, Asue Ighodalo.
They said: “Nigeria is not appropriating the benefits of high global prices. As a result, fiscal pressure is imploding because of declining revenues and soaring public debt.”
Oando shareholders, at the end of the Annual General Meeting in Lagos, urged the government to take more decisive actions to tackle the problem of oil theft.
They bemoaned the negative impact of oil theft and insecurity and called for cohesive actions to tackle the menace.
