Calls for Complete Elimination of Fuel Subsidy on Imported Petrol
The Coalition for Change in Nigeria (CCN) has made a compelling case for accountability and transparency in the management of the country’s natural resources, calling for urgent reforms in key areas such as fuel pricing, local refinery expenditures, and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project.
At a press conference held on Wednesday, coalition spokesperson Dr. Emmanuel Agabi outlined the critical issues facing Nigeria’s energy sector. He emphasized the need for clarity on the fuel pricing mechanism, which has come under scrutiny due to persistently high costs despite recent market deregulation efforts.
Agabi expressed concerns over the billions of naira allocated to local refineries, particularly the Port Harcourt Refinery, and called for a public inquiry to investigate potential mismanagement of funds. “Nigerians deserve to know where our money has gone,” he asserted, highlighting the lack of operational capacity in the refineries despite significant investment.
The coalition also demanded transparency regarding the financing and operational commitments of the AKK Gas Pipeline Project, which is seen as pivotal for Nigeria’s economic recovery. Agabi called for full disclosure of the terms and conditions associated with the project and its partner, Brentex/CPP Ltd, to ensure that the benefits reach ordinary Nigerians rather than a select elite.
“The removal of the fuel subsidy was a necessary step for long-term growth,” Agabi noted, “but the way it has been implemented raises serious questions. We demand an immediate review of the factors driving fuel prices upward and insist on transparency from the Nigerian National Petroleum Company Limited (NNPCL).”
Addressing the broader implications of the AKK Project, Agabi questioned who truly benefits from the government’s “Decade of Gas” initiative, which aims to leverage Nigeria’s gas resources for economic development. He insisted that every agreement made by the NNPCL on behalf of the Nigerian people must be subject to public scrutiny, as the resources managed by the company belong to the citizens.
The coalition stressed the importance of diversifying refining capacities through the establishment of modular refineries. Agabi argued that modular refineries are better suited to local needs, can reduce fuel costs, and can create jobs while providing a stable energy supply.
“We will not accept any attempt to monopolize refining operations in Nigeria,” he stated. “Our focus is on ensuring that the oil and gas resources of this country truly serve the people.”
In conclusion, the CCN urged the government to implement reforms that foster competition and transparency in the oil and gas sector, calling for the licensing of modular refineries and a robust regulatory framework. “The time for silence is over. We must act now to secure a better future for all Nigerians,” Agabi declared, appealing for media and public support in holding the government accountable for its actions.