The Senior Special Assistant to the President on Niger Delta Affairs, Sen. Ita Enang, Thursday urged the Nigerian government to capitalise on the decline in the price of crude oil in the international market to stop payment of oil subsidy and improve the country’s refining capacity
Enang, who stated this at a forum in Abuja, said Nigeria must now focus on how to start local refining of products to enhance economic development.
The presidential aide said: “It is time for Nigeria to abandon the subsidy fully, increase and engage with these modular refineries.
“I want to say that subsidy in the petroleum product is not sustainable in any economy and it is worse now because you subsidize imported refined petroleum products from the earnings you get from crude oil sales.
“If the price of crude oil is very low, then you have very less income for which you can do other things, therefore, if you want to subside products, you have to think of many things.”
According to him, the situation where government subsidize products was no more sustainable with the current development in the global oil market.
“Nigeria has the best chance now to grow its own industry, its own petroleum refining industry, there has never been a better time,’’ he added.
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, had during the week said the Federal Government would stop payment of subsidy due to the impact of COVID-19 on the global oil market.