Energy firm lauds NNPC reforms, rejects instant subsidy removal
Chairman of Skymark Energy and Power Ltd, Alhaji Muhammad Saleh Hassan, has lauded the management of the Nigerian National Petroleum Company Ltd for its reforms while insisting on gradual removal of petrol subsidy due to its effects on the masses. Recently, Emir Muhammad Sanusi II, and Governor Nasir el-Rufai of Kaduna State had worried over […]
Chairman of Skymark Energy and Power Ltd, Alhaji Muhammad Saleh Hassan, has lauded the management of the Nigerian National Petroleum Company Ltd for its reforms while insisting on gradual removal of petrol subsidy due to its effects on the masses.
Recently, Emir Muhammad Sanusi II, and Governor Nasir el-Rufai of Kaduna State had worried over rising debt and petrol subsidy, but Hassan in a statement said removing subsidy would trigger more economic hardship for the masses.
He said since the subsidy on diesel was withdrawn, increase in commodity prices and inflation had been linked to diesel cost selling at N850 per litre.
- Buhari, govs mourn Ekiti speaker
- Ndiomu hails N/Delta ex-agitator for bagging PhD from PAP’s scholarship scheme
He said the Group Chief Executive Officer (GCEO) of NNPC Ltd, Malam Mele Kyari, has led key reforms with the Petroleum Industry Act (PIA).
Hassan said, “Kyari is a go-getter any day and he is poised to unravel oil theft in Nigeria, especially in the Niger Delta, which is already yielding positive result, as well as other transformative measures he has embarked upon, is highly commendable.”
The energy expert urged critics to support the NNPC reforms for the good of Nigeria.
He added: “It is high time we started appreciating Kyari’s foresight, selfless patriotism and commitment in ensuring stability of the nation’s oil industry and the economic prosperity, growth and development being earnestly yearned for.
“Removal of oil subsidy is a critical issue. There is a need to weigh it well and ensure a balance before taking a decision on it. It should be gradual to make it result-oriented for the growth and economic development that we all desire and deserve.”
The Skymark Energy chairman further stated that Nigeria will soon exit fuel subsidy as NNPC had taken proactive measures in investing in local refining to boost domestic consumption and cut import and forex issues.
“It would also boost our GDP and provide employment opportunities,” Hassan said.