Why deregulation is essential for Nigeria, by Yar’Adua – The Guardian
November 6, 2009 by Bunmi Awolusi
President Umaru Musa Yar’Adua yesterday said that deregulation of the petroleum sector was inevitable to curb corruption and other abuses in the system.
His Special Adviser on Petroleum Matters, Dr. Emmanuel Egbogah, spoke in a similar vein, saying that it was the only panacea for concrete reform in the sector and the sure guarantee for long term stability and lower prices for petroleum products.
According to the President, his Administration is holding consultations and dialogue with all stakeholders to explain the necessity of the action.
Yar’Adua told the visiting British Minister of State for Africa, Baroness Glenys Kinnock, at the Presidential Villa Abuja that “we are committed to deregulation, because we are convinced that subsidy distorts the system, encourages corruption and creates more problems than it solves. We are aware that initially, there will be pain, but these will be temporary and the whole nation will be the better for it.”
