Delta state governor, Ifeanyi Okowa has said that though the new fuel price regime will cause pain on Nigerians, it will benefit the citizenry in the long term.
According to Vanguard, Okowa said this when he received when he received the management of Warri Refinery and Petro-Chemical Company, WRPC, led by the company’s Chief Operating Officer (Refineries), Anibor Kragha.
The governor said:
If the refineries succeed, Nigeria will succeed and the different states will succeed because the importation of fuel has impacted negatively on the revenue of government.
All the state governments are in support of the liberalisation of down-stream oil sector of the economy because, we are caught in the web as the price of oil is very low and there is no foreign exchange to continue to import fuel.
I sympathize with all Nigerians, we did not anticipate this situation. I believe the Federal Government will find ways to cushion the effects of the liberalisation but, above all, there are lessons to be learnt from the situation.
We need to diversify our economy as quickly as possible. The restructuring of the Nigerian National Petroleum Corporation, NNPC, and the liberalisation of the down-stream oil sector, if followed through thoroughly, will impact positively on the economy and create jobs for the citizenry.