Sen. Garba Marafa, Chairman, Senate Committee on Petroleum Downstream, on Thursday said total deregulation of petroleum downstream sector remained the best option to salvage the nation’s economy.


Marafa stated this in an interview with the newsmen on the sidelines of ongoing 16th Nigeria Oil and Gas conference in Abuja.


He said that the Senate had consented and moved for total deregulation of Premium Motor Spirit (PMS) otherwise known as petrol.

According to him, total deregulation is the solution and the 8th Senate is determined to give Nigerians a direction in the downstream and curb the corruption in the sector.


“We are addressing the governance aspect of the Petroleum Industry and Governance Bill (PIGB) because we know that PIGB will address the challenges confronting total deregulation of the downstream sector.


“ We have assured Nigerians that the Petroleum Industry Governance Bill will be passed latest in March. The Bill will by the end of March go through third reading.


“The Bill seeks to address all governance-related issues in Nigeria’s oil and gas sector.
“Once a bill gets to third reading, it is as good as passed. We are expecting the bill to be passed in March or latest by April,’’ he said.


The lawmaker said that the Department of Petroleum Resources (DPR) would be made stronger in order to regulate effectively.


He said that failure of the downstream sector necessitated introduction of PIGB, but regretted that the bill was not treated properly in the National Assembly for several years.


“This assembly is determined to pass it and it will be passed latest, by next month (April). We will later look at the fiscal terms and community issues.’’


According to him, President of the Senate, Dr Bukola Saraki, took it upon himself to ensure that the bill is passed this year. As a nation, we have to make deliberate and cautious decision on what we want as a people.


The committee chairman said that the Senate has ordered investigation into subsidy claims, because there were allegations that Nigerian National Petroleum Corporation (NNPC) had collected over N5 trillion as subsidy claim from 2006 to date.



“The civil society and labour unions should frown against subsidy regime and embrace total deregulation.


“ If you combine NNPC and marketers’ subsidy claims, you will see that it is over N9 trillion in the last 10 years. This is almost twice of our national budget.


“I wondered if the common man gets value for this subsidy. If the money was directed into other infrastructure development, we would have gone far in infrastructure building.


“Diesel has been deregulated and we are better off; why are Nigerians afraid of subsidy removal? Right now, government is indirectly paying subsidy.


“We have to be realistic and take the right decision; we have to choose between building more infrastructure and consuming subsidy.


“Deregulation will promote local refining of crude oil and create more value and generate employment,’’ he said.

Marafa explained that competition would push down prices of petroleum prices in the long run and that hypocrisy of the elite was regulating the price.
“All the people benefiting from fuel importation will never let deregulation to happen,” he said.

BeeBeeOoh:


http://www.dailytrust.com.ng/news/general/senator-calls-for-total-deregulation-of-the-petroleum-downstream/187572.html

lordmayor2013:
Is our memory too short?:• In 2016 this was said:

"Buhari is a failure for appointing his VP, a professor of law, to head his economic team....I implore him to look for capable hands whether in Nigeria or in the Diaspora, or whether in the APC or the PDP to be in his economic team"
...Senator Ben Murray-Bruce

• And on February 25, 2017 this was said:

"Whatever it is that Vice President Yemi Osinbajo is doing to strengthen the Naira, he should teach his boss Buhari whenever he returns"
...Senator Ben Murray-Bruce

AND THE NEXT ONE:

• In January 2015 (during the presidential election campaigns) this was said:

"Pastor Yemi Osinbajo is a disgrace to Christianity for joining the evil APC Islamic party, and for agreeing to run with Buhari..."
...Femi Fani-Kayode

• And on February 25, 2017 this was said:

"Yemi Osinbajo is God's gift to the APC"
...Femi Fani-Kayode

My enemies will turn around and eat their shit!
Amen?

gabicon:
Obj proposed the deregulation and estimated the cost as 100 naira per liter, if we had done it then, investors would have built refineries and the price would have dropped by now due to competition. Well better late than never, I hope they privatise the moribund refineries too.