‘Nigeria Spent N1trn On Fuel Subsidy’ …Senator Tasks FG On Refineries

Nigeria has spent not less than N1trillion on fuel subsidy payment in 2012, Senator Magnus Abe, representing Rivers South-East Senatorial District has said. He called on the Federal Government to revive local refineries to curb the huge funding.

The Senator said in 2012 the subsidy payment crashed drastically due to the probe and other measures put in place by the National Assembly.

Speaking at the second interactive session with youths and students from the senatorial district on Monday in Bera, Gokana Local Government Area, Abe submitted that one solution to the huge fund expended on fuel subsidy was to build and revive local refineries.

“There was no justification for subsidy because it is not productive. We should insist that Nigerian crude be refined in Nigeria,” he said.

He also called for more communities’ participation on the debate on Petroleum Industry Bill (PIB) pointing out that 10 percent derivation principle was not too much for oil producing communities, adding that if the PIB was well structured it would enhance livelihood of the people.

Meanwhile, Senator Abe has explained the rationale behind his focus on youths and education saying youths are the future of the country.

He said, “being able to interface with the youths solves lots of society problems. So our emphasis on young people is because we know that everything we do for young persons we do for the entire society”.

The former Secretary to the Rivers State Government further disclosed his plan to support enterprising young people and women, “helping women is helping the micro-economy”.

He disclosed his intention to commence a special skills training scheme next year in collaboration with Rivers State Sustainable Development Agency (RSSDA), and implored youths from the zone not to relent in their dreams as determination is the hallmark of success.