United States government to cut down oil importation from Nigeria

United States government to cut down oil importation from Nigeria

The Nigerian Minister of State for Finance, Alhaji Yerima Ngama, reportedly allayed fears over the recent statement by the United States government to cut down oil importation from Nigeria.
The Unites States, which is Nigeria’s major oil importer had recently pondered over reducing oil import amid the current economic realities and planned to explore the renewable (green) energy in the near future.
The minister, who was addressing journalists at the end of the monthly meeting of the Federation Account Allocation Committee (FAAC) meeting in Abuja, said “Such anticipated shocks in the economy has been taken care of in the 2013 budget.
According to him, part of the reasons for establishing the Excess Crude Account (ECA) was to take care of the possible slowdown in the sale or export of crude oil by Nigeria.
He said: “The reason people have crisis is when an anticipated occurrences are not taken of.”
The minister, said although the threat by the US government not to import crude oil from Nigeria would likely have an adverse impact on the economy, there are enough savings to shore up the deficit.
The Accountant-General of the Federation, Mr Jonah Otunla, stated that for the month of January 2013, the sum of N651.26 billion was realised as gross revenue which was higher than the N581.05 billion realised in December 2012 by N70.20 billion.
The increase in gross revenue was tied “ to the significant increase recorded in the Petroleum Profit Tax for January as a result of upward review of estimates and payments by the NNPC Production Sharing Contracts (PSC and MCA).”
Nigeria cuurently supplies around 8 percent of U.S. oil imports.
Source: Various News Agencies
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