PDP: Fuel Subsidy Removal ‘ll Create Investment Opportunity

Nov 5, 2011 – PDP: Fuel Subsidy Removal ‘ll Create Investment Opportunity

The Peoples Democratic Party (PDP) has said the planned removal of fuel subsidy by the Jonathan-led government would help to increase private sector investment in Nigeria.

The Acting Chairman of the PDP, Alhaji Abubakar Baraje, while reacting to variant opinions from opposition parties, yesterday in a press conference on the on-going debate on the removal of fuel subsidy, said infrastructural projects would be achievable only if resources were harnessed to finance the major developmental programmes.

To accelerate this process, the PDP chair said, there must be closer collaboration between the public and the private sector in harnessing the vast potentials in the refining and the distribution of petroleum products.

“It has therefore become imperative to consummate the process of deregulation which was started long time ago. The reality is that, without the deregulation of the downstream sector of the petroleum industry, the private sector is unlikely to invest in this vital sector and thereby bring more value to the Nigerian economy.

“It is now time for all Nigerians to fully enjoy the benefits of the petroleum industry. The era when we used our collective wealth to fund the greed of a few middlemen is over. Now is the time to make real the promise of democracy. We cannot continue to gloss over a problem that poses imminent danger to our economic progress,” he remarked.

Baraje reiterated the party’s support for President Jonathan’s scheme to deregulate the downstream sector of the petroleum industry.

His words: “We are also encouraged by Mr. President’s decision to constitute a committee of reputable Nigerians to advise on the management of the income that will accrue from the removal of subsidy for the overall benefit of all Nigerians. We therefore call on all Nigerians to rise up and support this patriotic mission to rescue our economy from the hands of profiteers.

“We are not unmindful of the temporary discomfort this policy reform may bring to our compatriots. We however want to assure all Nigerians that the government is currently discussing with all interest groups, including the labour movement and principal stakeholders in the oil industry, to come up with measures to lighten the impact on the ordinary Nigerian.”

5 thoughts on “PDP: Fuel Subsidy Removal ‘ll Create Investment Opportunity

  1. This is stupidity, this same set of people were giving many promises when the country paid the Paris club debt telling us that there will be poverty alleviation through the proper management of the money used to service the dept, today, there is nothing to show for it. Fuel subsidy removal will only impoverish the masses and enrich the leaders. THIS IS SATANIC, DON’T DO IT.

  2. Mr. PDP chairman or what do u call urself so u are among the numerous advisers of mr. President,that is encourage this sucide attempt to comon nigeria.bcos this is real succidal.to mr.president remember where u are coming from and where u are heading to.the people that even voted for u are not these robers u cal advisers bt the poor masses u want 2 kill by subsidy removal.hw many can aford d price

  3. Mr.president my advice 4 u is 2 settle down,hav a master plan on hw 2 restructure d economy,u are too in haste without achieving anything.look at 6year singl tenure,security challenges in the nation and now u are talking about fuel subsidy removal,which if tried u wil b d worst president this country has ever produce.if at all u want 2 do it not nw dat tension is on u.not al d advice dat comes ur

  4. Perhaps this fuel subsidy removal is the fresh air Mr president promised us. We shall begin to breath if from January 2012!

  5. So after all this lamentation from Nigerians PDP still insist on paying us back with the other side of the coin.Go ahead and do it if this was your electioneering manifesto.

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