NEWS UPDATE - President Buhari confirms self as Petroleum Minister

      President Muhammadu Buhari has confirmed earlier reports that he will hold Nigeria’s oil portfolio in his new cabinet rather than trust anyone with Nigeria’s no 1 source of revenue
“I intend to remain the minister of petroleum resources,” Buhari said in an interview on the sidelines of the annual meeting of world leaders at the UN general assembly in New York.

A minister of state would oversee the day-to-day running of the petroleum sector.
Buhari has deep knowledge of the oil sector, having been head of the petroleum trust fund under the military ruler, Sani Abacha, in the 1990s and oil minister in the 1970s under president Olusegun Obasanjo.

A collapse in global oil prices has damaged Nigeria’s public finances and weakened its naira currency, delaying public salaries and fuelling inflation.

Buhari has said he would trace and recover what he has called “mind-boggling” sums of money stolen over the years from the oil sector.

   
  Buhari has already split the NNPC into two, and said on Tuesday he was considering breaking up the company further to improve efficiency and better root out corruption.
“I haven’t absolutely made up my mind about that,” he said. “We want to see what we have done in reducing the size and redeploying most of the management. We want to see the impact of that before we decide further.”

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