By Omoh Gabriel, Clara Nwachukwu with agency report

LAGOS—Petroleum energy experts have said the reduction of the 2016 budget by as much as N17 billion is no big deal as long as the budget is passed to stimulate economic activities.

They argued that the passage of the 2016 budget by the Senate yesterday is germane, as many sectors of the economy, particularly the productive and infrastructure sectors are begging for attention.

Commenting on the state of the economy vis-a-viz the passage of the budget, the experts, who spoke to Vanguard on the telephone insisted that the current economic situation, devoid of investments is very worrisome more so as the investment ratio does not match the production ratio.

The Managing Director, International Energy Services Ltd., IES, Dr. Diran Fawibe, said: “Whether the budget was increased or slashed, the most important thing at this point in time is for government to inject money into the economy, spend the money through appropriations and reflate the economy. Government needs to get things started through the MDAs and get more Nigerian’s into productive activities.

Similarly, the President, Nigerian Association of Petroleum Explorationists, NAPE, Mr. Nosa Omorodion, expressed concern over the depletion of the foreign reserves.

According to him, “We are depleting our reserves at a much faster rate than we are adding. This means that our investment ratio does not match our production ratio and that cannot mean well for any economy.