shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Functional Refineries Will End Fuel Subsidy – NECA DG

Functional Refineries Will End Fuel Subsidy – NECA DG

by Joshua
December 17, 2022
in News

The Director-General of Nigeria Employers’ Consultative Association, Mr Adewale Oyerinde, has said subsidy will die a natural death if the country’s refineries were functional.

Adewale Oyerinde

Speaking at a press briefing in Lagos, he argued that the country has the capacity to refine petroleum products that would meet its daily need, if the local refineries were functional and complimented by the Dangote Refinery.

He said, “15 to 25 years ago, I am not sure we were having conversations about subsidy, because subsidy was not present. We were not importing as such. Three or four refineries were working optimally and it was taking care of the local consumption of fuel.

“At that point those refineries started having self-inflicted problems, self-destructive tendencies and we do turnaround maintenance that does not maintain the refineries and progressively importation became the option.”

According to him, if the refineries were working, the country would probably not import fuel.

“We will probably be thinking of exporting now with the Dangote Refinery also coming up. Therefore, we are dealing with the issue of subsidy because we import fuel for local consumption.

“Our position is this, subsidy is not sustainable. There was a recent report that projected that by the end of year 2023, subsidy might run to N11tn. No country in the world is arguably subsidising anything to the tune of N11tn. The whole of our budget deficit this year is almost N9tn. Next year, the subsidy alone will hit close to N6tn,” Oyerinde claimed.

He called on the government to fix the local refineries, asking it to explain the turnaround maintenance done of the refineries.

He said the government should ask those paid to carry out turnaround maintenance on the refineries but did not do so to refund the money they collected.

“Anybody that has collected money but has not done the job should be prosecuted.

“Once the refineries are working complimented with Dangote’s refinery, we would probably not have any business subsidising fuel,” Oyerinde asserted.

According to him, if the country were saving N6tn yearly, it would have a positive impact on its infrastructural development.

“You can imagine what N6tn will do for us. That N6tn is what we are only using to fund consumption. It is consumption that is not productive,” he stated.

Read Also:  VESSELS EXPECTED AT LAGOS PORT AS AT SATURDAY 2022

He expressed worry over the disagreement between the NNPC and customs over the volume of petrol consumed daily in the country.

“There was a time that a CBN official went to represent the governor at the National Assembly. They also questioned him about the amount spent on subsidy. These are very top-ranking officials of the government that have information that we do not have. They have raised very fundamental issues that bother on the integrity of everybody in that value chain,” he mentioned.

He argued that the integrity of the Group Managing Director of NNPC, those working in the downstream sector and the Nigerian Customs Service is at stake.

He called the government to set up a panel of enquiry to ascertain the daily petrol consumption of the country.

“Let us fix our refineries and let us remove subsidies. It is not rocket science. If an individual can build a gigantic refinery in three years, we do not have any reason not to fix ours,” he queried.

shippingposition

Kindly like us on Facebook/twitter


Tags: Fuel Subsidy

Related Posts

BREAKING: President Buhari Commissions Dala Inland Dry Port

BREAKING: President Buhari Commissions Dala Inland Dry Port

January 30, 2023
Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

January 30, 2023
Suspense At CRFFN As Governing Council Considers Reappointing Nwakohu As Registrar    

Suspense At CRFFN As Governing Council Considers Reappointing Nwakohu As Registrar    

January 30, 2023
Lawyers Pessimistic About Maritime Bills Awaiting Passage, President’s Assent     

Lawyers Pessimistic About Maritime Bills Awaiting Passage, President’s Assent     

January 30, 2023

Latest News

LASWA Trains School Children in Riverine Public Schools in Epe Swimming Lessons 

LASWA Trains School Children in Riverine Public Schools in Epe Swimming Lessons 

January 30, 2023

QUESTION OF THE WEEK: What is “Shipped On Board” in Logistics?

SHIP TALK: Different Types Of Bill Of Lading

Shipping Company Sentenced in MARPOL Violation Case, Engineer Acquitted

INCREDIBLE: Boy Ends up Accidentally Traveling 1600NM in a Locked Shipping Container

Minister Hails Military’s Fight Against Piracy In Gulf Of Guinea

U.S. Naval Commander Attributes Drop In Piracy To Obangame Exercises

Here’s Welcoming Lekki Deep Seaport

Do you think the Federal Government is sincere about the CVFF disbursement?

BREAKING: President Buhari Commissions Dala Inland Dry Port

VESSELS EXPECTED AT LAGOS PORTS AS AT 30TH JANUARY, 2023.

Despite Commissioning, Infrastructure Deficits Delay Actual Commercial Operations At Lekki Port By Months  

kindly like our Facebook page

Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says
Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says

December 19, 2022

The World Health Organisation has said that the number of people estimated to have died as a result of living...

Health Benefits And Side Effects Of Bitter Leaf

Health Benefits And Side Effects Of Bitter Leaf

December 12, 2022
More Women May Die During Childbirth In West Africa — Report

More Women May Die During Childbirth In West Africa — Report

December 12, 2022
The Many Wonderful Uses Of Onions

The Many Wonderful Uses Of Onions

December 5, 2022
Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

December 5, 2022
COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

December 5, 2022
Panic As Monkeypox Spreads To 32 States, Cases Now 604

Panic As Monkeypox Spreads To 32 States, Cases Now 604

November 28, 2022
Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

November 28, 2022
Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

November 28, 2022
Infertility Red Flags Men, Women Should Not Ignore – Experts

Infertility Red Flags Men, Women Should Not Ignore – Experts

November 28, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition