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

Home » Remove Petrol Subsidy, Implement PIA, LCCI Tells FG

Remove Petrol Subsidy, Implement PIA, LCCI Tells FG

by Joshua
September 27, 2022
in Featured, News

The Lagos Chamber of Commerce and Industry has advised the Federal Government to remove fuel subsidies and implement the Petroleum Industry Act religiously.

Gabriel Idahosa

The advice was given by Vice President, LCCI, Gabriel Idahosa, while representing the President, LCCI, Dr. Michael Olawale-Cole, at the 60th-anniversary celebration of the Oil Producers Trade Section held in Lagos recently.

According to him, fuel subsidies should be removed because it was no longer sustainable, noting that its removal was fundamental to the growth of the downstream sector.

“The Chamber, noting the critical position occupied by the oil and gas sector, has consistently advocated for the creation of a conducive business environment where the operators can thrive. The menace of oil theft, pipeline vandalism, low investment and insecurity have all contributed to the woes recorded in this all-important sector. We expect the government to do more in fixing these issues knowing the proportion of the revenue contributed by this sector.

“We have always recommended that the government must strive to implement the Petroleum Industry Act 2021, remove the unsustainable fuel subsidies, deregulate the downstream sector, and resolve peculiar issues affecting the operators in the sector. We look forward to a future where the NNPC Limited and other oil and gas assets are commercialised, run more efficiently, and Nigeria attracts all the investments required to boost oil production and refining capacity,” he said.

Read Also:  Liberian Registry Dissociates From Misconduct Of Government Appointees in South Korea

The Executive Director, OPTs, Bunmi Toyonbo, said the group still had “abiding faith” in Nigeria and noted the boundless growth of the country given the enabling environment

Chairman, OPTs, Dr. Uduimo Itsueli, said the group had evolved to become partners with Nigeria in the development of a sector that was key to the nation’s economic growth.

According to him, OPTS member-companies accounted for about 90 per cent of Nigeria oil production and contributed significantly to the domestic and export gas production and supply.

“Over the last decade, OPTS member companies accounted for 40-60 per cent of government revenue and 85-95 per cent of export earnings. OPTS member companies are also proud to have paid tens of billions of dollars in taxes, levies, royalties, rents, and license fees to the Nigerian government.

“Through direct and indirect employment of people, local contractors, and service providers, OPTS member companies have continued to provide significant means of livelihoods to Nigerians.”

shippingposition

Kindly like us on Facebook/twitter


Tags: Petrol Subsidy

Related Posts

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Ramps Up Campaign for IMO Category C Seat, Showcases Maritime, Aviation Potential on Global Stage

July 15, 2025
WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

July 15, 2025
Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

July 15, 2025
Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Customs Boss Extols Late Buhari’s Legacy Of Discipline

July 15, 2025

Latest News

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Ramps Up Campaign for IMO Category C Seat, Showcases Maritime, Aviation Potential on Global Stage

July 15, 2025

WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Customs Boss Extols Late Buhari’s Legacy Of Discipline

Vessels Expected At Lagos Ports As At 14th July, 2025

Duty-Free, But Not Trouble-Free: Mixed Reactions Trail UK’s Trade Window For Nigerian Exports

At Last, Lekki-Epe Corridor Stakeholders Agree On August 1st Enforcement Date For E-Call-Up 

Nigeria Losing Billions To Boat Importation As Indigenous Operators Urge Local Shipbuilding Drive

Court Ruling Against CRFFN’s Regulatory Powers Tears Customs Brokers Apart   

Oyetola Reaffirms Commitment to Logistics Reform, Commissions Zenith Carex HQ

Let the Council for the Regulation of Freight Forwarding in Nigeria Breathe

MONDAY INTERVIEW: “70% of the crew of Ocean Dragon are Nigerians”— Mrs Bernadine Eloka 

kindly like our Facebook page

Health

The Usefulness Of Watermelon Seeds You May Not Know
Health

The Usefulness Of Watermelon Seeds You May Not Know

July 14, 2025

Watermelon is one fruit that’s hard to resist when it gets too hot. It’s sweet and is high in water...

KNOW YOUR BODY PARTS: THE HEART

KNOW YOUR BODY PARTS: THE HEART

June 30, 2025
Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

June 30, 2025
Contraceptive Pills Can’t Cause Cervical Cancer – Expert

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025
ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025

© 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