According to the Permanent Secretary, Ministry of Petroleum Resources, Dr. Jamila Shua’ra, who broke the news on Thursday 15th December at the presentation of the 2016 petroleum sector scorecard, Nigeria has discovered crude oil in large quantity in Borno State, North- East.
She said that the discovery of crude oil in Borno State was one of the achievements of the ministry during the year.
“Our doggedness culminated in the discovery of oil in new frontiers – Lagos and Borno,”
Vice President Yemi Osinbajo, who presided over the ceremony, stated that the deregulation of the downstream sector, which led to the elimination of petroleum subsidy, saved the government a burden of N15.4 billion monthly.
The vice president, represented by the attorney-general and minister of justice, Alhaji Abubakar Malami stated that the oil and gas sector remain very critical to the stability and growth of the nation’s economy as it accounts for about 90 per cent of the country’s earnings, in addition to contributing substantially to the inflow of foreign exchange and growth of foreign reserves.