LCCI advises FG on fuel subsidy removal

The Lagos Chamber of Commerce and Industry has advised the Federal Government to remove fuel subsidies and implement the Petroleum Industry Act.

According to the Vice President, LCCI, Gabriel Idahosa, fuel subsidies should be removed because it was no longer sustainable, noting that its removal was fundamental to the growth of the downstream sector.

“The Chamber, noting the critical position occupied by the oil and gas sector, has consistently advocated for the creation of a conducive business environment where the operators can thrive. The menace of oil theft, pipeline vandalism, low investment and insecurity have all contributed to the woes recorded in this all-important sector. We expect the government to do more in fixing these issues knowing the proportion of the revenue contributed by this sector.

“We have always recommended that the government must strive to implement the Petroleum Industry Act 2021, remove the unsustainable fuel subsidies, deregulate the downstream sector, and resolve peculiar issues affecting the operators in the sector. We look forward to a future where the NNPC Limited and other oil and gas assets are commercialised, run more efficiently, and Nigeria attracts all the investments required to boost oil production and refining capacity.”

Source: LCCI advises FG on fuel subsidy removal – StocksWatch (stocksng.com)

Related Posts

18

Sep
Business & Economy

Stock Market Review: September 18, 2023

The stock market last week closed was down by 1.10% due to profit taking, bringing the All Share Index and Market Capitalisation to 67,395.74 points and N36.886 trillion respectively. Year to date, the market has returned 31.50%. In a stock market review with the MD/CEO of APT Securities and Funds Limited, Mallam Garba Kurfi, the following were discussed: […]

18

Sep
Business & Economy

Nigerian Bourse drops by 1.10% in one week on profit taking, sheds N409bn

The Nigerian stock market declined by 1.01% week on week, as NESTLE, PRESCO and other 51 stocks shed weights. The All Share Index dropped by 1.10% to settle at 67,395.74 points from 68,143.34 points. Consequently, the Market capitalization also dropped by 1.10% to settle at N36.886 trillion from N37.295, thereby shedding N409 billion. An aggregate of 2.93[…]