The Federal Government has said that the
new price regime for the downstream petroleum sector is comprehensively
designed to tackle the hardship faced by Nigerians and create
additional 200,000 jobs in the country.
The information is contained in a
bulletin issued by the Ministry of Petroleum Resources and made
available to the News Agency of Nigeria (NAN) in Abuja on Friday.
It said that the new price template
would potentially create jobs through the envisaged new investments in
refineries and retailing of crude oil products.
It stated that the new pricing template
would also prevent potential loss of nearly 400,000 jobs in existing
investments in the sector.
The bulletin explained that new
framework would on the long run solve the recurrent fuel scarcity crisis
by ensuring the availability of the products at all locations of the
country.
It said the measure would also ensure
the total elimination of hoarding, smuggling and diversion of the
product while also stabilising price at the actual product price.
It stated that government, through the
new price regime, would monitor the new price to ensure that citizens
got a fair value for the products they purchased.
It said the new price would enable
marketers to source their foreign exchange independent of Central Bank
of Nigeria (CBN) and ensure adequate product supply in all locations of
the country.
It explained that the measure would
enable government to deliver on its statutory functions of power
generation, security, provision of education and health.
The document explained that the new
price regime would permanently eliminate subsidy payments and ensure the
availability of funds for the full payment of monthly Federal Accounts
Allocation Committee.
It will also providing additional funds
for other palliatives and help in stabilising the economy by creating
access to development loans .
0 Comments