The Ministry of Petroleum Resources has earmarked N610 million for the implementation of the ‘Seven Big Wins’, a programme designed by the Ministry to reform the petroleum industry, Vanguard reports.
The Seven Big Wins document is aimed at developing a stable and enabling oil and gas landscape with improved transparency, efficiency, stable investment climate, and a well-protected environment.
In the 2018 Appropriation Bill presented by President Muhammadu Buhari to the National Assembly, the Ministry also allocated N120 million for the Petroleum Industry Bill (PIB), irrespective of the fact that N100 million was earmarked for the same purpose in 2017; while N90 million was budgeted for project monitoring and evaluation, compared to N262.55 million earmarked for the same purpose in 2017.
In general, the Federal Government proposed a total allocation of N3.433 billion for the Ministry of Petroleum Resources in the 2018 budget, rising by 36 per cent from a total allocation of N2.524 billion in 2017.
Of the total amount, N1.079 billion was allocated for recurrent expenditure, while N2.354 billion was allocated for capital expenditure.
This was in comparison to recurrent and capital expenditures of N1.006 billion and N1.518 billion respectively in 2017. In general, the Federal Government allocated N74.09 billion for all the parastatals in the petroleum industry, including the Ministry of Petroleum Resources.
