The presidential candidate of the Allied Congress Party of Nigeria, Dr.
Obiageli Ezekwesili, has said that there is a need for a ‘pressing’
reform in the oil sector.
In a statement at the weekend, the presidential candidate demanded for an
immediate end to oil subsidy in Nigeria, saying, “It gives little or no
benefit.”
Ezekwesili explained that ending the oil subsidy and reforming the oil
sector were parts of her plans if she emerged as the president of
Nigeria.
She said, “End Fuel Subsidy Regime and Fully Deregulate Sector: ¬The
most pressing reform is the immediate removal of the fuel subsidy. A
subsidy that costs N1.3tn, yet provides little or no benefits to the
most vulnerable members of society, must be discontinued.
“Cancelling the fuel subsidy allows the country to focus on the equally
important task of deregulating the entire oil sector, including the
Nigerian National Petroleum Corporation (NNPC) and ensuring that it is
subject to the competition and discipline of the open market.
“Furthermore, an enhanced Federal Government-led version of the
Petroleum Industry Governance Bill shall be championed by our
administration and complemented by a proposal for an amendment of the
Nigeria Extractive Industries Transparency Initiative (NEITI Act) to
achieve better governance, transparency and accountability in the
sector.
“Reforming the oil sector for structural productivity gains is critical,
regardless of the vision of our government to move away from resource
dependency.”
She wondered why the number one citizen of the country preferred to head
the NNPC when there are other challenges confronting the nation.
“Monies saved from subsidies will go into the creation of a $1.5bn
Infrastructure Fund. I will be accountable to the Nigerian people and
also sign binding Service Level Agreements on performance and
accountability. I have no interest in becoming the ‘president of the
NNPC’ when there are more important national issues being for
attention,” she added.