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abujagirl
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Nigeria's Minister of of petroleum resources, Diezani Alison-Madueke, on Tuesday said that the subsidy on imported refined petroleum products cannot be sustained.
Speaking at the ongoing Nigerian Oil and Gas conference in Abuja, the Minister said, "now that reforms in power sector are underway, the next focus should be reforms in the downstream sub-sector. The continued regulation of the downstream sector has its positive and negative impact on the economy. But the negative effect is more than the positive. The subsidy policy cannot be sustained any longer. This is because the subsidy payment did not benefit the poor it was targeting but rather it is benefiting the rich. The industry needs to move to next level by increasing revenue and curbing oil theft and pipeline vandalism".
"The need to balance government policy and the needs and aspirations of Nigerians makes it imperative to attract investment into the downstream sub-sector through deregulation",Alison-Madueke said.
Speaking on the petrol scarcity currently plaguing the country, the Minister blamed it on sabotage, diversion, hoarding, panic buying and rumours of imminent pump price increase.
Speaking at the ongoing Nigerian Oil and Gas conference in Abuja, the Minister said, "now that reforms in power sector are underway, the next focus should be reforms in the downstream sub-sector. The continued regulation of the downstream sector has its positive and negative impact on the economy. But the negative effect is more than the positive. The subsidy policy cannot be sustained any longer. This is because the subsidy payment did not benefit the poor it was targeting but rather it is benefiting the rich. The industry needs to move to next level by increasing revenue and curbing oil theft and pipeline vandalism".
"The need to balance government policy and the needs and aspirations of Nigerians makes it imperative to attract investment into the downstream sub-sector through deregulation",Alison-Madueke said.
Speaking on the petrol scarcity currently plaguing the country, the Minister blamed it on sabotage, diversion, hoarding, panic buying and rumours of imminent pump price increase.
