Pay foreign contractors in naira —Governor Ayade

Posted by News Express | 22 April 2016 | 2,292 times

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Cross River State Governor, Ben Ayade, has advocated for payment of contractual fees and charges to multi-national companies in local currency.

Governor Ben Ayade made the recommendation when he received the Chairman and other members of the Senate Committee on Petroleum Resources Upstream during a three-day workshop in Calabar, the state capital.

As part of effort grow the local economy, he said that it was by so doing that the emphasis on dollars would be less and the value for Naira better appreciated.

The Governor pointed out that the activities in the oil and gas sector in Nigeria, which allowed for the sale of crude oil in dollars while the dollar would not return to the Central Bank of Nigeria (CBN), was another issue that should be tackled under the Local Content Law.

While noting that Nigeria is blessed with abundant mineral deposits such as bitumen, gold, iron, among others, he stressed the need to convert these resources into foreign reserves in material terms and bring the Naira to increase its value.

Governor Ben Ayade urged the Federal Government to take a deliberate policy and ensure full implementation of the Local Content Act, to strengthen the Naira.

He also advised that all Liquefied Natural Gas shipment sales out of Nigeria be paid directly to the CBN.

In an earlier statement, the Chairman of the visiting committee, Senator Tayo Alasoadura, said that the choice of Calabar for the workshop was not misplaced.

According to the lawmaker, Cross River State has over the years distinguished itself as the preferred destination in Nigeria because of its ambiance and serenity.

(Channels TV)

•Photo shows Governor Ayade.


Source: News Express

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