Key Points
- Former IYC president urges Federal Government to prioritise rehabilitation of government-owned refineries.
- He says savings from fuel subsidy removal should fund refinery rehabilitation.
- Eradiri rejects calls to reintroduce fuel subsidy, saying it failed to achieve its intended purpose.
Main Story
The Federal Government has been urged to use savings from the removal of fuel subsidy to rehabilitate and fully operate the country’s government-owned refineries.
Mr Udengs Eradiri, a former President of the Ijaw Youth Council (IYC), made the call in a statement issued to newsmen on Monday in Yenagoa.
Eradiri also called for a review of the economic reform strategy of the current administration, saying increased domestic refining capacity would help address fuel supply and reduce pressure on the cost of living.
“The rehabilitation and full operation of government-owned refineries should be an immediate priority for the Federal Government,” he said.
“Increased domestic refining capacity will boost fuel supply, reduce petrol prices and trigger a corresponding reduction in the cost of goods and services,” he added.
The Issues
Eradiri said a well-planned rehabilitation programme for the refineries could strengthen the economy and improve citizens’ welfare.
He argued that government should direct resources saved from the removal of fuel subsidy towards projects capable of lowering the cost of living, rather than reversing the policy.
The former IYC president also rejected former Vice-President Atiku Abubakar’s call for the reintroduction of fuel subsidy.
What’s Being Said
“I disagree with the former vice president, the intended objective of fuel subsidy was not achieved, it failed to bring succour to the people,” Eradiri said.
“Instead of reintroducing subsidy, the Federal Government should invest savings from its removal in projects that will reduce cost of living,” he said.
What’s Next
Eradiri urged the Federal Government to prioritise the rehabilitation and full operation of its refineries as part of a review of its economic reform strategy.
He said increasing domestic refining capacity could improve fuel availability and reduce petrol prices, with a potential knock-on effect on the cost of goods and services.
Bottom Line
Eradiri wants the Federal Government to channel savings from fuel subsidy removal into reviving government-owned refineries rather than reintroducing subsidy, arguing that stronger domestic refining capacity would help reduce fuel costs and ease pressure on households.
