The House of Representatives has thrown its weight behind the Federal Government’s removal of subsidy on Premium Motor Spirit (PMS) also known as petrol.
Chairman, House Committee on downstream sector, Hon. Joseph Akinlaja, who said this when he led other members on a tour of Nipco Plc depot in Apapa, Lagos, maintained that the solution to the frequent fuel scarcity in the country is deregulation of the downstream sector, a feat that will not only give equal opportunity to all operators but also allow market forces to guide the sector.
The regulation in a society that is not well disciplined, he said, would continue to breed corruption as the common man, which the policy seems to protect may be worse off at the end of the day While commending the numerous contribution of the company either in forms of additional investment or social support through its plethora of corporate social responsibility, Hon. Akinlaja enjoined Nipco to continue to keep up the memento in the overall interest of the hydrocarbon industry.
He explained that as someone who was part of the conception of the company, he feels fulfilled with the accomplishments of the organisation in barely twelve years of operations.
In his remarks, Managing Director, Nipco plc, Venkataraman Venkatapathy, said the company will continue to support government to achieve meaningful growth in the oil industry as the main stay of the nation’s economy.
“We remain very resolute about the resilience of the Nigerian economy and the ample opportunities therein, which we hope to continuously be part of for a very long time,” he declared.
According to him, the great upbeat in the nation’s economy explained the increase in the level of investment by the company in the realm of natural gas utilisation, either as Liquefied Natural Gas or as Compressed Natural Gas, for powering of vehicles and machines.
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