The Lagos Chamber of Commerce and Industry has advised the Federal Government to remove fuel subsidy and implement the Petroleum Industry Act.
According to the Vice President, LCCI, Gabriel Idahosa, fuel subsidies should be removed because it was no longer sustainable.
He noted that its removal was fundamental to the growth of the downstream sector.
“The Chamber, noting the critical position occupied by the oil and gas sector, has consistently advocated for the creation of a conducive business environment where the operators can thrive. The menace of oil theft, pipeline vandalism, low investment and insecurity have all contributed to the woes recorded in this all-important sector. We expect the government to do more in fixing these issues knowing the proportion of the revenue contributed by this sector,” he said.
“We have always recommended that the government must strive to implement the Petroleum Industry Act 2021, remove the unsustainable fuel subsidies, deregulate the downstream sector, and resolve peculiar issues affecting the operators in the sector. We look forward to a future where the NNPC Limited and other oil and gas assets are commercialised, run more efficiently, and Nigeria attracts all the investments required to boost oil production and refining capacity.”
He said the removal of the subsidy will create an enabling environment for business to thrive in the sector.