The House of Representatives Committee on Finance has raised concerns over rising cost of crude oil production amidst low output and reduced revenue to the federal government for over a decade.
Chairman of the committee, James Faleke (APC, Lagos) raised the concern in an opening remark at a meeting with the Nigerian National Petroleum Corporation Limited (NNPCL) on the impact of crude oil production on government revenue held on Tuesday.
He said it was important for Nigerians to understand the impact of production costs on the available revenue accruable to the federal government to execute its programmes in the national budget.
Faleke said, “The higher the cost of extracting a barrel of crude oil from the ground, the less funds available to the government and Nigerians.”