The minister of Budget and Planning, Udoma Udo Udoma, stated that due to the destruction of four pipelines in terminals, Nigeria has been unable to meet up the 2.2 million barrels a day production target for 2016.
“We are taking a number of immediate measures to raise revenues to strategically spend our way out of recession.
He said that the government was taking measures to address the disruption in Niger Delta to restore production.
“We are fast-tracking our efforts to raise foreign currency loans that we have projected in the 2016 budget, from AfDB, World Bank, Chinese Exim Bank as well as Euro Bond issue.
“We are happy to note that the president of AfDB has announced that we should expect, among other facilities, a budget support of $1 billion dollars next month,’’ Udoma said.
Udoma further encouraged Nigerians to patronize made in Nigeria goods thereby giving Nigerian producers the platform to expand.
WELL SAID!!!
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