Although the Senate has endorsed plans for the deregulation of the Nigerian oil sector, some members of House of Representatives have kicked against the policy.

Agreed that the idea is lofty one, the House members opposed the timing while others feared that the implementation of the policy may inflict hardship on the people whose interest it is supposed to protect.

Abdullahi Farouk (PDP Kebbi) said “the deregulation in itself was not defective because the concept is good. But the way and manner it is implemented is what will make it bad.”

But Moruf Fatai (AC Lagos) said we always have good policies in the country but that when it comes to implementation there are bottlenecks.

The lawmakers said before implementation of the policy, there should be necessary precautionary measures in place before the full implementation of deregulation policy in the country for the interest of the people.

Also reacting to this policy, another House of Representatives member, Stanley Ohajirika (PPA Abia) wondered what would have been fate of the country if it had no oil at all.

“So which means that if we do not have oil at all, government would probably deregulate the air we breathe?”, he asked.

“I think that this is not a step in the right direction. Nigerians expect that because God has given us abundant availability of this resources, Nigerians are equally supposed to benefit from it as it were,” he noted.

Suggesting a way out, Hon. Emmanuel Bello (PDP Adamawa) said there was the need to ensure efficient operation of refineries in the country.

He also suggested that the federal government should encourage investors to establish private refineries in Nigeria, and noted this would enable micro economic forces to balance themselves.

“We must make sure that refineries are working in Nigeria and that even private refineries are floated if you want to do business in Nigeria so that micro forces can balance themselves,” Bello said.

A situation where only one or two persons are importing oil, we have monopoly and your are saying that you are going to deregulate, you are going to remove your hands completely from subsidy. Who are you deceiving,” he queried.

Hon Fatai in his own suggestion on the way forward, called on the government to first put aside some money to make sure there were enough petroleum products in the system to enable investors come in with their products.

He said with necessary precautionary measures, investors would be encouraged to get involved, noting that such would stabilize the price, and wondered why the government always thinks of subsidizing fuel to the detriment of citizens of the country.

Chris Oluoh