Fakoyejo OlalekanThe Labor Party’s presidential candidate, Peter Obi, has revealed the oil industry can aid in reducing the suffering of Nigerians.
Obi said ensuring Nigeria is dependent on local refineries will reduce the negative impact of fuel scarcity and the high cost of petrol on Nigerian households.
According to the former Governor of Anambra State, the refinery being built by Africa’s richest man, Aliko Dangote, will play a huge part, he told Arise TV on Sunday, 6 January 2023.
He also cited the need to get local production of crude oil up. Recall that Nigeria’s production level fell to 1.235 million barrels per day (mbpd) in December 2022, below the 1.398 million barrels per day reported in January last year.
This is also below the 1.6 million barrels per day quota handed to Nigeria by the Organization of the Petroleum Exporting Countries (OPEC).
Nigeria’s low crude production reduces the proceeds the country would make from oil, so an increase in oil output will raise the revenue of Africa’s largest oil producer.
“Dangote’s refinery is almost complete and we have other refineries all over the place. Some are even ready but they can’t get the supply of crude, these are things we have to resolve as quickly as possible and get local production to commence in order to reduce the suffering of Nigerians,” Obi stated.
The Labour Party candidate said fuel subsidy removal is also a major factor in ending the suffering of Nigerians, describing it as an organised crime.
He said the government needs to protect the less privileged Nigerians by ending the fuel subsidy payment. There have been comments that the rich are the ones benefiting from the subsidy, as the poor are not major consumers of fuel.
Obi opined: “Everybody knows my stance on subsidy, it has to go as quickly as possible because for me, it is organized crime, but in doing so, we must ensure that the local refineries start working.
“We need to make sure that the less privileged people do not suffer any longer in Nigeria. For me, the government’s energy should be on protecting and serving the less privileged and small businesses, which is critical.”
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