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The Federal Government has come under serious attack, for not following due process, in its implementation of fuel subsidy programmes.
Recalled that the Federal Government, announced removal of oil subsidy, while simultaneously increased the pump price of petrol from N145 to N151 per litre.
Speaking at the First Whatappinar forum in Lagos, recently, the immediate past chairman of the Society of Petroleum Engineers(SPE), Joe Nwakwue, said the government failed to repeal four legal instruments, before announcing the removal of subsidy on oil, last month.
The forum, which had 177 participants across Africa in attendance, was moderated by a Ghanian veteran journalist, Francis KOKUSTE.
The instruments, Nwakwue said, are in
Section 6 of the Petroleum Act of 1969, Section 4 of Price Control Act of 1977, Petroleum Products & Pricing Regulatory Agency(PPPRA) Act and the Petroleum Equalisation Act.
According to him, the inability of the Federal Government, to repeal the laws, is bound to have long-term effects on the industry, stakeholders, including
government to examine past, present and future issues in the industry well, before they take a stand.
The government, he said, failed to clear bobby traps, while making its pronouncement on removal of fuel subsidy known to Nigerians.
He said:” It is important to do this properly. Ministerial pronouncemements are good, but not enough. There are four legal instruments that need to be repealed, before the government announced its decision to remove oil subsidy.
Crude oil, he continued, is a finite resource, stressing that it can finish anytime.
He said global oil producers, including Nigeria, are facing a major threat, stressing that if the world finds a more environmentally friendly fuel, the demand for oil would vanish.
When this happens, Nigeria and other countries, would find it difficult to produce oil.
” Oil producing countries, especially Nigeria, need to understand the urgency to maximize the use of fuel (resource) to develop themselves. Nigeria is believed to have lost about 2.6 billion tonnes of Coal. I pray that would not be said about Oil, he said.

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