As oil prices begin to rebound, hitting about $70 from an oil time low of $25, the Oil and Gas Trainers Association of Nigeria (OGTAN) has advised the Federal Government to remit its excess proceeds into the Excess Crude Account (ECA).
Nigeria’s 2018 oil budget benchmark is projected at $45 while oil production is put at 2.2 million barrels per day (bpd).
The OGTAN President, Mr. Mayowa Afe,, gave the advice on the sidelines of a media briefing on the forthcoming National Education Summit by OGTAN with the theme ‘’ Sustaining Local Content through Quality Education and Training: Challenges and Prospects, held in Lagos at the weekend.
The OGTAN boss said the country, having witnessed stability in the oil production and increase in oil price, should ensure that the implementation of the 2018 budget is followed to the letter.
Afe, added that Government should be disciplined with the budget and ensure that all excess above the budget benchmark should be remitted into the ECA.
Government should not spend profligately, but rather learn from its past experience. Yes, spending should be for critical intervention projects that will impact the lives of Nigerians. For such spending, they are a welcome development.
And this is where I want to align my thoughts with that of the Minister of Finance, when she said the country is not bothered about prices of oil rebounding. I credit her for that statement and I want them to remain committed to it because that would mean that, they are looking at other areas of revenue other than oil,’’ he said
On the summit scheduled to hold on April 16, Afe said the event is geared towards fulfilling one of OGTAN’S key objectives, which is bridging the gap between Nigeria’s tertiary institutions and the oil and gas industry.