Fuel Subsidy In Its Current Form, Unsustainable, Says Peterside | #Nigeria

Governorship candidate of the All Progressives Congress (APC) in Rivers State, Dr. Dakuku Peterside, has backed calls for the deregulation of the petroleum industry.
The governorship candidate, in a statement by his media aide, Sylvester Asoya, on Sunday, added that subsidising fuel consumption was not sustainable.
However, he expressed joy that Nigeria is gradually coming to terms with some realities in its oil and gas sector.
“We cannot afford to be impractical with issues in our oil sector because they are too important. Before now, we had spoken on the need to face head-on, all the recurring problems in this critical sector, given the fact that we still run a mono-economy. But for many years, nothing changed. Today, it is gratifying to note that the conversation is gradually changing; this is good for our country.
“There is no argument about the benefits of deregulation but we must also deal with the issue of corruption. I had said severally that there is need for comprehensive reforms, not piece-meal approach if we hope to record the much-needed leap in this sector.
“Deregulation obviously will boost domestic participation; eliminate the unwholesome activities of some business men and encourage direct foreign investments.
“We all agree also that deregulation will open new opportunities and frontiers for Nigerians and Nigerian businesses because there will be fair competition and level-playing field. I had insisted over the years, that subsidy in its current form, is unsustainable. My position has not changed. So it is good that the issue is being revisited now.
“But for us to obtain optimum benefits under deregulation, it is important to state that as we provide a conducive environment for people to invest, we must also put the necessary quality control checks in place. Let me in addition, emphasize that products must be readily available, which also means that our refineries must redouble their efforts so that we can fully consolidate and profit from the gains of deregulation”, Peterside, who was former Chairman, House of Representatives Committee on Petroleum Resources (Downstream), said.