The minister also stated that the idea behind the target is for Nigeria to achieve self-sufficiency in petroleum products.
This was revealed to newsmen by the minister of state for budget and national planning, Zainab Ahmed.
She said ”We are setting a three-year deadline to achieve self-sufficiency in refined petroleum products and to become a net exporter of petroleum products.”
“The objective of this is to increase domestic supply of refined products and to reduce demand on foreign exchange for importing refined products in our country. The ministry of petroleum is pushing this. There is also a plan to push for the passage of the petroleum industry Bill (PIB) in conjunction with the national assembly.”
The Cable News reports that the minister also stated that the idea behind the target is for Nigeria to achieve self-sufficiency in petroleum products.
Ahmed said “Our ministry’s presentation was introducing to council for discussion priority economic activities that we need to undertake to ensure that the purpose for which the 2016 budget was made, which is to stimulate the economy, to create jobs for our teeming youths and to extend support to the poor and very vulnerable is realised.
“We presented 34 strategic priority programmes that need to be realised within 2016. Each of these projects programmes has very clear deliverables and targets and indicators which will be measured to ensure that the respective ministries, departments and agencies (MDAs) deliver on what we committed to implement.”
She added that “These 34 specific areas are grouped into four major objectives. The first is policy, governance and security, second diversification of the economy, the third is creating support for the poor and the vulnerable and the forth is reflecting our economy through investment.
“The paper was well received by council, we got some very positive comments and the 34 priority projects were approved for implementation. The ministry of budget and national planning has been given responsibility to track and report on quarterly basis to the council on the performance of these key prority areas.”
Meanwhile, an indigenous firm, Yinka Folawiyo Petroleum Company Limited (YFP), has announced the commencement of crude oil productions in Lagos state.