Business
‘Deregulate Downstream Oil Sector’
As the Federal Govern
ment continues to grapple with funding infrastructural development and the high recurrent expenditure, a stalwart of the Peoples Democratic Party (PDP), has advocated total deregulation of the downstream sector of the petroleum industry.
Chief Diekivie Ikiogha made the observation at the Port Harcourt International Airport, Omagwa in a chat with newsmen on Tuesday, shortly before departing for Abuja.
Chief Ikiogha, who is the Chief of Staff Bayelsa House, Abuja, noted that the rich are the major beneficiaries of the subsidy regime, as most of them own fleet of cars that are not necessary.
He opined that government has never been a good business entity to venture into building of refineries, stressing that removal of subsidy would enable private individuals to invest in owning refineries.
Chief Ikiogha debunked insinuations that the price of transport and goods and services would rise if the sector is deregulated, insisting that the only way to provide better services for the common man was to utilize the subsidy funds to provide basic social amenities.
“How does my mother in the village benefit from subsidy, it is a way of government buying fuel for the big men that own 10 cars”, noting that what the government it doing in the power sector should be allowed to happen in the downstream sector.
The Chief of Staff lauded the federal government for the initiative to privatise Power Holding Company of Nigeria (PHCN), emphasizing that the benefit of the decision would manifest later to the overall good of Nigerians.
According to him, the duty of government is to provide the enabling environment and provide the regulatory framework for the private operators rather than engage directly on the day to day management of the company.
On the call for sovereign national conference, Chief Diekivie, said it is like calling for the separation of the country because the conference would never agree on any issue that would present itself.
The PDP stalwart hinted that if the conference is based on how to look at the country and give respect to each ethnic group, “we may welcome it because the population of Nigeria is what makes the nation great”.
“No section of the country is born to rule others, we are equal stakeholders in the country, no one president has ruled this country once and resigned, that of President Jonathan cannot be different,” he declared.
The Chief of Staff said president Jonathan remains the most qualified person to rule Nigeria come 2015, while denying any understanding to serve one tenure in office.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.