Thursday, 23 April 2015

NNPC calls for fuel subsidy removal

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The Nigerian National Petroleum Corporation, NNPC, has called for the removal of payment of subsidy from petroleum products in Nigeria. Speaking at the 2015 Oloibiri Lecture Series and Energy Forum organized by the Society of Petroleum Engineers in Abuja today April 23rd, the Group Coordinator, Corporate Strategy and Planning, NNPC, Mr. Timothy Okon, said subsidy on petrol creates uneven distribution of revenue, round tripping and unnecessary carry-over of funds from one year to another in a manner difficult for the Federal Government to control. He added that continuous payment of subsidy is not sustainable.

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"So, from the technical analysis made, it is obvious that subsidy is real. And from our analysis, we look at it as something that should go because it is not sustainable,” he said.

He said since the federal government has no direct control the prices of crude oil, the fluctuation in oil prices creates some instability in the Nigerian economy which in turn affects negatively the nations revenue generated from petroleum products.

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