FG traces instability in oil price to Niger Delta

Soji Ajibola, Yenagoa - 11.05.2008

THE Federal Government on Saturday attributed the instability in the oil price at the International market to the security situation in the Niger Delta region.

Speaking at the flag off of the ruling Peoples Democratic Party, (PDP) governorship election in Bayelsa state, President Umaru Yar’Adua bemoaned the security situation in the region, adding that it is responsible for the consistent geometric increase of the oil price at the global market.

Piqued by the development, President Yar’Adua said it is saddening to note that whenever the issue of instability in oil price is mentioned, Iraq , Iran and the security situation in the Niger Delta region are being attributed to it.

Niger Delta region, according to him has the potentials to become one of the most developed region in the world, but stressed the need for the people to embrace peace, so as to attract foreign investors to the region.

According to him, Chicago, New York and other states in United States are where they are today in term of both economic and political development because of the private sector participation. Niger Delta can assume the same status only if the people in the region allow peace to reign.

Investment only thrives in a peaceful environment, as no investor will invest in an atmosphere of rancour, and as a result there is need for the people to collaborate with the Federal Government in its efforts to usher in development to the region.

President Yar’Adua said that the government on its part is making the development of the region its topmost priority, adding that adequate provision has been made for the Niger Delta Development Commission in 2008 budget.

The NDDC, as disclosed by the President, would get all its entitlements and vote in accordance with the act that establishes it, while supplementary budget would make adequate provision for power and energy, security and Niger Delta development.

On the chances of the PDP, as well as the candidacy of the party’s flag-bearer in the re-run governorship election, President Yar’Adua said he had no doubt in mind that PDP would carry the day.

His words, “when I heard about the nullification of Chief Timipre Sylva’s election by the Court of Appeal, I put a phone call through to him, congratulating him for becoming one of the PDP governors that would spend a term of five years.”

“On May 24, 2008, Chief Timipre Sylva will join the likes of Governor Idris Ibraheem of Kogi state, Murtala Nyako of Adamawa states to spending a term of five years in office. I know Bayelsa is the home of PDP, every election conducted is won by the party and the act will repeat itself,”he said

In his speech, the Vice-President, Dr. Goodluck Jonathan, disclosed that the internal wranglings among the members of the party had been resolved, adding that they are now working as a team at ensuring the success of the party in the coming election.