Economy can’t sustain subsidy – Kachikwu

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IBE KACHIKWU MINISTER OF PETROLEUM

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Emmanuel Kachikwu, and other stakeholders argued, yesterday, that fuel subsidy was an unsustainable drain on the economy and called for speedy deregulation of the nation oil and gas sector.

He disclosed this while presenting a keynote address titled “Energy Crisis and Sustainable Development in Nigeria: The Way Forward”, at the National Association of Energy Correspondents (NAEC) Conference held at the Eko Hotel & Suites, Victoria Island, Lagos, yesterday.

The NNPC boss, who was represented by Mrs Bolanle Ashafa, Acting Managing Director of Nigeria Engineering and Technical Company (NETCO), said deregulation would encourage domestic private sector participation and inflow of foreign investments.

He contended that deregulation will also provide a fair deal for Nigerians from the abundant petroleum resources, through fair product prices for consumers, full cost recovery, and reasonable margins for operators.

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