[size=14pt]Private sector backs FG on removal of subsidies on petroleum products [/size]
October 15, 2011 03:14PM

The organised private sector on Friday endorsed Federal Government proposal to remove subsidies from petroleum products and deregulate the down-stream sector of the industry.

The decision was reached at the end of a two-day Presidential Retreat with the private sector on economic development and job creation at the Banquet Hall of the Presidential Villa, Abuja.

A statement issued at the end of the retreat said the participants agreed that the current regime of subsidies on petroleum products ``is inefficient, corrupt and a waste of scarce financial resources''.

The statement was read by Mr Nduka Obaigbena, the President of the Newspaper Proprietors Association of Nigeria and Chairman of ThisDay Newspaper.

It quoted the private sector as saying that the financial burden of subsidy was unsustainable in a nation where critical infrastructure, human and capital development, were in dire need of investment.

``Taking cognizance of the foregoing, we call on the Federal Government to ensure that the benefits of deregulation accrued to the generality of Nigerians in a manner that it benefits the poor and the under-privileged,'' the statement said.

It urged the Federal Government to continue with its wide consultations with the labour, the civil society organisations and other stakeholders on the benefits of a deregulated price regime.

Mr Wale Tinubu, the Chairman of Oando Plc and a signatory to the statement, said the more than N8 billion being used by the government to subsidise petroleum products could be used to provide infrastructure.

He noted that diesel had already been deregulated, and said that the only challenge was to ensure that the government channelled the money judiciously to the provision of infrastructure and people-oriented programmes.

Speaking in the same vein, the Chairman of Dangote Group, Alhaji Aliko Dangote, said that subsidy only benefitted a cartel to the detriment of Nigerians.

He called on the labour and the civil society organisations to see reason with the government and support the removal of subsidies.

In his closing remarks, President Goodluck Jonathan thanked the participants and promised to implement the decisions reached at the retreat.

The retreat was organised by Goodluck Jonathan to forge partnership between the government and the private sector in the realisation of his transformation agenda.

The statement was signed by the 42 captains of industry, who attended the retreat.

http://234next.com/csp/cms/sites/Next/News/National/5745369-147/private_sector_backs_fg_on_removal.csp

Have the refineries started working after deregulating diesel? What specific infrastructural challenge has the savings from diesel deregulation been used for? In spite of the deregulation of diesel, what have we done differently? Importation of the product has continued with impunity with damning consequences for the economy. Is this what we should expect after a full deregulation of petrol?

Deregulation is very good and I'm not against the removal of fuel subsidy (in theory). Afterall, we are operating capitalism but we need to answer a number of questions.

These 'captains' of industries sef. The subsidy 'could' be used for infrastructure. Who doesn't know that? Ask the hard questions 'captains'!

Sometimes i think pukkah is beaf

^^^What makes you think so?

redsun:

Sometimes i think pukkah is beaf

I'm still waiting for your reason.

Like BEAF is super dumb!! Who benefits from fuel subsidy removal? the public or private sector? So the private sector won't back something that favours them


Besides WHAT OR WHO ARE THESE "PRIVATE SECTOR"? Private investors in crude? SO a few mofos can gather in a high end bouquet hall and act like they speak for Nigerians Private sector ko, public lecture ni,

All on same ol bullshiiiit!!

9jaganja:

Like BEAF is super dumb!! Who benefits from fuel subsidy removal? the public or private sector? So the private sector won't back something that favours them


Besides WHAT OR WHO ARE THESE "PRIVATE SECTOR"? Private investors in crude? SO a few mofos can gather in a high end bouquet hall and act like they speak for Nigerians Private sector ko, public lecture ni,

All on same ol bullshiiiit!!

If you weren't to busy smoking stuff, you would notice that thats actually a newspaper article published by 234Next.

Dunce.

Beaf:

If you weren't to busy smoking stuff, you would notice that thats actually a newspaper article published by 234Next.

Dunce.

Say something you haven't said to other folks on NL who ain't kissing your butt and that would be surprising!!

redsun:

Sometimes i think pukkah is beaf

Pukkah:

^^^What makes you think so?

Pukkah:

I'm still waiting for your reason.

@redsun, hope you saw this.