Dr Samuel Nzekwe, a financial expert, has advised the incoming administration to licence more smaller modular refineries to end fuel crisis in the country.
Nzekwe, also the former President, Association of National Accountants of Nigeria (ANAN), gave the advice while speaking with the New Agency of Nigeria (NAN) on Monday in Ota, Ogun.
He spoke while reacting to the NEC’s decision to the Federal Government to stop the proposed plan to remove petrol subsidy by June.
NAN reports that Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, after the NEC meeting on Thursday, urged the federal government to halt the planned removal of petrol subsidy in June.
Nzekwe said that the incoming government should set standards that the smaller modular refineries must meet in order to curb sharp practices.
The ex-ANAN president commended the National Economic Council (NEC) for suspending the proposed plan of the federal government to remove the fuel subsidy by ending of June.
Nzekwe said that the outgoing government should leave the incoming administration to actually examined the policy from the right perception to take decision on the fuel subsidy removal.
He noted that there was the need for the incoming administration to ensure that all refineries were working to optimal capacity before finally removing the fuel subsidy.
“It is when the country has all these in place that proper pricing of petroleum products could be determined.
“In addition, if the country is going to
import fuel after the refineries have been repaired, it would be few and not on a large scale,” he said.
Nzekwe stressed the need to totally remove the fuel subsidy after necessary measures have been put in place because fuel subsidy is like financing inefficiency and corruption.
