It has been revealed that the Federal Government may be finally ready to implement the policy of full deregulation of the downstream sector.
Fillers from the last Federal Executive Council meeting showed that, despite the criticism of the policy by some Nigerians, an overwhelming majority are satisfied that its full implementation was crucial to the up-scaling of the oil and gas sector so as to curtail corruption and develop the economy.
According to the Minister of Information, Labaran Maku, who briefed State House correspondents after the FEC meeting, the Federal Government is currently losing a lot of money to the payment of subsidy as Nigerians continue to suffer from both lack of infrastructure and payment of extra amounts to avail themselves of services from the oil and gas sector: “Without deregulation, there will not be a regulated downstream sector. Currently government is losing; the people are losing because we cannot generate jobs. The potentials that the oil and gas sector could have unleashed on the country are completely truncated. But the effort is continuous… Government will not relent on its effort to convince Nigerians so as to reverse the trend of suffering as a result of fuel subsidy,” Maku said.