The Federal
Government has said that the novel price modulation mechanism currently in
place will ensure that it records zero expenses on fuel subsidy in 2016.
The Minister of State for Petroleum Resources and Group Managing Director of
the Nigerian National Petroleum Corporation, NNPC, Dr. Emmanuel Ibe Kachickwu,
said this last week, at the 45th Convocation Lecture of the University of
Nigerian Nsukka, Enugu State. He spoke under the theme: The Petroleum Industry
and the Future of the Nigerian National-Oil Resource Management and the
Implication for National Security & Economic Survival.
Kachikwu said the zero fuel subsidy
will be sustained based on prevailing modified pricing template for petroleum
products, which has eliminated extraneous cost elements. According to him,
“Without necessarily removing subsidy the government will spend zero amounts in
subsidy in 2016. This may sound unbelievable to some people but that is part of
the change agenda of the present administration of President Mohammadu Buhari.”
He also disclosed that large chunks of vandalised pipelines are being recovered
which will supply more crude to the refineries.
The Minister enthused that
despite the difficulties of yester-years, the oil and gas industry in Nigeria
is primed for greater achievements in the months and years ahead as a result of
landmark reforms being engendered and activated by the present administration.
Kachikwu outlined the central
objective of the ongoing oil and gas reform agenda to include: *increasing
revenue for the country through sales of petroleum and petroleum products and
taxes on profitable enterprises; *maximising value added on the crude oil and
gas to establish linkages with other sectors through local processing;
*establishment of gas based industries thereby stimulating economic growth and
development, and; *providing employment opportunities for Nigerians. He said
further: “Significant improvement in governance macroeconomic and fiscal
policies are key to harnessing oil and gas resources for the sustainable
development of Nigeria through enshrining transparency and accountability, empowering
good governance and transparency in expenditure and revenue management.”
Convocation lecture The NNPC GMD also noted that the ongoing reform is designed
to create competitive framework for public private partnerships anchored on
durable financial investments.
He expressed appreciation to the
management of UNN for considering him worthy to deliver the convocation
lecture, adding that as an alumnus of the university, he will continue to
contribute his quota to the growth and development of the University. “Whatever
I am today UNN contributed immensely to it,” he said. In his remarks, the
Vice-chancellor of UNN, Prof Benjamin Ozumba, said the 45th convocation lecture
was unique because the lecture was delivered by a guru in the petroleum
industry, who had within a record time transformed the oil sector.
Describing
Kachikwu as the pride and beacon of UNN, the Vice-Chancellor noted that
University is glad to welcome a super lion and one of the profound thinkers in
Nigeria.
By Michael
Eboh
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