Experts Caution FG on Deregulation

Following concerns raised by the planned deregulation of the downstream sector of the oil industry by the Federal Government last month, experts have cautioned the authorities to stay action on the matter.

Making public his views on the issue, a lecturer in the Social Science department of the Rivers State College of Arts and Science, Dr Lucky Eleanya told The Tide that the policy was ill timed and may bring more  hardship on the people.

Dr Eleanya explained that the present economic condition in the country may worsen if such policy is introduced saying already fuel products are hard to come by.

“This is not time to multiply the sufferings of Nigerians” he stressed, adding that even the economic meltdown facing many countries globally also makes the policy unpopular.

Dr Eleanya cautioned that rather than deregulating, the oil sector, efforts should be made by the federal authorities to rehabilitate the refineries and make the products available to the people.

Similarly, chairman of Nigerian Institution of Town Planners (NITP) in Rivers State, Dr C.O Ibekuzie was of the opinion that the country is not yet ripe for such policy.

Dr Ibeakuzie recommended the need for the government to revitalize the three moribund refineries at Port Harcourt, Warri and Kaduna to refine at full capacity.

He, however, observed that previous attempts to raise the price of petroleum products by former administrations have  so far not been too positive on the people.

Last two weeks, the Nigerian Labour Congress (NLC) at a rally in Abuja kicked against the planned deregulation, saying Nigerian workers would be worst hit considering their current pay package.

The same view was re-echoed by the Pentecostal Fellowship of Nigeria (PFN), which described the policy as not necessary.