Omo-Agege Underscores Need For Oil Subsidy Removal

By: Nneka Amaechi-Nnadi, Abuja

The Deputy President of the Senate, Senator Ovie Omo-Agege on Monday, emphasised the need for the final termination of the multi-billion Naira oil subsidy regime.
Omo-Agege noted that it is very necessary that Nigeria as a major producer of crude addresses the lingering issue of inadequate refined oil production to match local consumption and hence would only need to fix the country’s ailing refineries.
The DSP who made this point during the Senate screening of ministerial nominees also regretted that in spite of obvious economic realities, some people within and outside the NNPC still continue to believe that subsidy is the solution.
He also expressed dismay over the insistence of some multinational oil companies operating in the Niger Delta region on moving their headquarters elsewhere, with attendant job losses.
He, however, demanded the relocation of the companies to the region.
Hus words “I have always taken the position that there is no need for us to continue with this subsidy; all we need to do is to fix the refineries.
“But, today, I have seen many people in the NNPC and elsewhere moving otherwise because they believe we ought to continue with this subsidy regime.
“I am from the Niger Delta and there are a lot of us who believe that most of the oil companies are doing business in that neighborhood ought to have their offices and their headquarters in that same neighborhood so as to provide employment opportunities
“There is an issue that is raging right now in the Niger Delta and it has to do with the Nigerian Gas Company in Ekpan-Warri; they are also threatening to move their head quarters from Warri in Delta state to elsewhere.