The federal government has been urged to legalise the operations of illegal crude oil refineries in order to make petroleum products available and affordable in the country.
Ndu, who is also the Director, Institute for African Renaissance Studies and Realization at the Gregory University Uturu, decried the enormous amount of money being spent by Nigeria on petroleum subsidies. “We have been told that petroleum subsidy grew by 349.42 per cent in three years. From N350 billion in 2019 to N1.573 trillion in 2021. Also, the cost of subsidizing the product in 2022 was N450 billion.
“How can we be destroying locally built mini refineries that could if encouraged, contribute to ameliorating the scarcity of petroleum products and creating gainful employment for our people while at the same time spending trillions subsidising refined petroleum products from abroad. Does it make sense?.”The federal government has been urged to legalise the operations of illegal crude oil refineries in order to make petroleum products available and affordable in the country.
Ndu, who is also the Director, Institute for African Renaissance Studies and Realization at the Gregory University Uturu, decried the enormous amount of money being spent by Nigeria on petroleum subsidies. “We have been told that petroleum subsidy grew by 349.42 per cent in three years. From N350 billion in 2019 to N1.573 trillion in 2021. Also, the cost of subsidizing the product in 2022 was N450 billion.
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