Nigerian president Muhammadu Buhari (C) sits with Aisha Buhari, the new first lady of Nigeria (3rd L) and outgoing president Goodluck Jonathan (R) during his inauguration in Abuja, Nigeria 29 May 2015. Muhammadu Buhari was inuagurated as president of Nigeria at a ceremony in the capital Abuja. May 30, 2015| Credit: Anadolu AgencyPresident Muhammadu Buhari vowed on Tuesday that he will leave Nigeria better than he found it by restoring the “good old days of accountability” that will boost “investor morale and confidence” and return the economy “on the path of growth”.
Mr. Buhari promised to pay back investment debts in the oil sector known as cash calls, a thorny issue that has slowed investments in the oil industry for almost a decade.
Nigeria often enters into agreements with international oil companies for oil exploration, but gargantuan corruption in government has left Africa’s most populous country broke and unable to pay its share of the agreements. As a result, oil companies end up putting the money on the table alone and Nigeria takes years if not decades to pay.
Mr. Buhari, who defeated Mr. Goodluck Jonathan in March last year, has persistently accused his administration of massive corruption and financial recklessness that pushed Nigeria on the brink of collapse. But Mr. Jonathan said in London on Monday that some of the allegations by the Buhari administration were outright falsehood.
President Buhari spoke on Tuesday during a meeting with the Director, Global Upstream of Shell Oil Company at the State House, Abuja, according to a presidential statement sent to TheSimonAtebaNews.
Spokesman Garba Shehu quoted the President as saying that he will leave a legacy of improved infrastructure, particularly in the power sector, and ensure better security in the Niger Delta.
He commended Shell for their faith in the economy and staying power and gave assurances on some issues of concern raised by the company.
“On the protracted issue of cash calls, the President assured that the Federal Executive Council will soon consider a proposal for the easing of unpaid arrears owed by the government,” his spokesman Shehu said.
“President Buhari assured that the security of oil infrastructure will continue to be prioritized side-by-side with the dialogue with stakeholder-communities in the Niger Delta.
“He, however, urged oil companies to take more responsibility in the protection of oil installations to complement the efforts of Nigerian Navy in the region,” Mr. Shehu added.
The Shell Director, Mr. Andrew Brown, recalled the resumption of oil exportation through the Forcados terminal following its restoration and called for continued protection by the Nigerian Navy in view of repeated threats of attacks by militants.
Brown commended the anti-corruption posture of the Buhari administration as well as the efforts to streamline and stabilise the economy for long term projects, saying all the efforts will go a long way to reinforce Shell investment plans in Nigeria.