Nigeria’s oil & gas sector: Stakeholders seek removal of fuel subsidy

Industry stakeholders have once again lamented over fuel subsidy, ailing refineries, pipeline vandalism, and crude oil theft as some of the elements threatening the nation’s economy.

These were tabled by key players as the new Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, assumed office on Monday.

A former Chairman, Petroleum Club, Lagos, Mr. Godswill Ihetu, said the resuscitation of the nation’s ailing refineries should be a priority on the new GMD’s agenda.

He said the countries four refineries that are all comatose, and in the meantime, the hottest topic in the industry is about subsidy.

Some people say it must be removed because we are spending a lot yearly on subsidy — money that should have gone into education, agriculture, health and so on.