Deregulation, subsidy removal talks re-surface as new NNPC GMD, Kyari, assumes office - Premium Times Nigeria

As the newly appointed Group General Manager of the Nigerian National Petroleum Corporation , Mele Kyari, assumes office on Monday, calls for the deregulation of the country’s oil industry and removal of the subsidy on petroleum products have resurfaced.

describing his choice as “well-deserved and an intimation of more openness and reforms in the national oil company.” “We look forward to working with the new NNPC GMD to build on his earlier engagement in the EITI’s targeted effort on commodity trading transparency,” the EITI said in a statement.But, oil industry operators see Mr Kyari’s emergence as the head of the national oil company to resuscitate the call for the full deregulation of the downstream sector of the country’s oil industry as well as the removal of the subsidy on petroleum products.

According to him, the successful deregulation of the telecommunications sector was a good case study that the oil and gas industry should emulate, to stimulate exponential growth in that sector.Also, the Group Chief Executive, Oando PLC, Wale Tinubu, urged Mr Kyari to ensure he provides the leadership for the industry “to speak with one voice against the government’s continued payment of fuel subsidy.”fuel subsidy as one of the issues hurting the country’s oil and gas industry and the economy.

He said the industry must have a voice on the subsidy removal matter, rather than accept what the politicians are saying. “The industry has a voice that needs to be heard,” he said.

Source: News Formal (newsformal.com)

With Nigeria's current debt service levels this will soon be out of the govt's hands anyway. Unless they plan to borrow to pay subsidy making them even more reckless than they already are.

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