The Federal Government has approved a new policy on oil administration in the country.
The approval is sequel to a memo presented to the Federal Executive Council, FEC, by the Minister of State, Petroleum, Ibe Kachikwu.
Mr. Kachikwu said the approval was given at FEC meeting Of Wednesday chaired by the acting president, Yemi Osinbajo.
Briefing State House correspondents at the end of the meeting, Mr. Kachikwu said his ministry had already began implementing some of the policy.
“We are working assiduously to exit the importation of fuel in 2019 and we also captured the cash calls changes we have done which enables the sector to fund itself through incremental volumes,” he said.
The minister also said the new policy captured the reorganisation in the Nigeria National Petroleum Corporation, NNPC, for efficiency and to enable accountability.
“It captured the issues in the Niger Delta and what we needed to do as a government, to focus on stability and consistency in the sector.
“It is a very comprehensive 100-page document that’s deals with all the spectrum in the industry,” he said.
Mr. Kachikwu said the last oil policy was in 2007.
“It’s has been 10 Years and you are aware that the dynamics of the oil industry has changed dramatically.
“Apart from the fact of fluidity in pricing and uncertainty in terms of the price regime in crude, we are pushing for a refining processing environment and moving away from exporting as it were to refining petroleum product, that’s one change you will see.
“Secondly how we sell our crude is going to be looked at, there is a lot of geographical market we need to look at in the long term, contracting and sales as opposed to systemic contracting that we have been doing.
“Those are the fundamentals, it’s a document if well executed will fundamentally take the change process that we began in 2015 to its logical conclusion hopefully in the next couple of years,” he said.
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Suicide bomber kills in Maiduguri, Nigeria
At least eight people were killed on Monday when a female suicide bomber detonated her explosives at a mosque in northeastern Nigeria.
The head of the Borno state emergency management agency, Ahmed Satomi, said the blast injured 15 others in the London Ciki area of Maiduguri, which has been at the epicentre of Boko Haram violence since 2009.
"The mosque was being guarded by civilian JTF [joint task force militia] during prayers," he told AFP.
"Unknown to them, the girl was being pursued from another part of town by residents who were suspicious of her movement at the time.
"When she approached the mosque, they demanded that she stop to be searched but she suddenly bolted into the mosque and set off her bombs."
"There were two girls that wanted to attack the mosque but one of them got stuck in barbed wire in the ditch dug near the area. The second one escaped and began to run as our operatives there began to chase after her," said spokesman Danbatta Bello with the Civilian-JTF self-defence force.
"She rushed to the mosque and detonated the second bomb."
The mosque collapsed in the blast. Police did not immediately comment.
Two other female suicide bombers were shot and killed in Maiduguri around the same time as the mosque was attacked, Bello said.
It is the second time in a week that four female suicide bombers have sought to cause carnage in Maiduguri.
Last Monday, at least 19 people were killed and 23 others injured when four women set off their bombs in the Molai Kolemari area of the city.
Boko Haram has increasingly used girls and young women to carry out attacks. Some young women who escaped the hardline group have said girls are drugged and forced to carry out suicide missions.
Nigeria's government late last year declared that Boko Haram had been "crushed" but deadly attacks continue. The Islamic group have killed more than 20,000 people, abducted thousands of others and spilled over into neighbouring countries.
Northeastern Nigeria is part of what the United Nations has called the world's largest humanitarian crisis in more than 70 years, with the World Food Programme estimating that more than 4.5 million people in the region need emergency food assistance. Boko Haram has disrupted both agriculture and markets.
The head of the Borno state emergency management agency, Ahmed Satomi, said the blast injured 15 others in the London Ciki area of Maiduguri, which has been at the epicentre of Boko Haram violence since 2009.
"The mosque was being guarded by civilian JTF [joint task force militia] during prayers," he told AFP.
"Unknown to them, the girl was being pursued from another part of town by residents who were suspicious of her movement at the time.
"When she approached the mosque, they demanded that she stop to be searched but she suddenly bolted into the mosque and set off her bombs."
"There were two girls that wanted to attack the mosque but one of them got stuck in barbed wire in the ditch dug near the area. The second one escaped and began to run as our operatives there began to chase after her," said spokesman Danbatta Bello with the Civilian-JTF self-defence force.
"She rushed to the mosque and detonated the second bomb."
The mosque collapsed in the blast. Police did not immediately comment.
Two other female suicide bombers were shot and killed in Maiduguri around the same time as the mosque was attacked, Bello said.
It is the second time in a week that four female suicide bombers have sought to cause carnage in Maiduguri.
Last Monday, at least 19 people were killed and 23 others injured when four women set off their bombs in the Molai Kolemari area of the city.
Boko Haram has increasingly used girls and young women to carry out attacks. Some young women who escaped the hardline group have said girls are drugged and forced to carry out suicide missions.
Nigeria's government late last year declared that Boko Haram had been "crushed" but deadly attacks continue. The Islamic group have killed more than 20,000 people, abducted thousands of others and spilled over into neighbouring countries.
Northeastern Nigeria is part of what the United Nations has called the world's largest humanitarian crisis in more than 70 years, with the World Food Programme estimating that more than 4.5 million people in the region need emergency food assistance. Boko Haram has disrupted both agriculture and markets.
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