Petrol
By Ige Adekunle
Sango-Ota (Ogun), June 20, 2024 (NAN) A financial expert, Dr Samuel Nzekwe, has advised the Federal Government to ensure that all government refineries are operational as a way of ending the importation of fuel into the country.
Nzekwe, a former President of the Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with the News Agency of Nigeria (NAN) on Thursday in Ota.
According to him, the importation of Premium Motor Spirit (PMS), popularly referred to as petrol, by the federal government is one of the major factors driving the nation’s inflation rate.
“The federal government needs to redouble efforts to stop the exportation of crude oil and the importation of petrol by repairing all the refineries, as this is fueling hikes in the prices of goods and services.
“If the country had not been importing petrol, we would have saved NPA charges, insurance costs, and the costs of producing petrol outside the country, ” he said.
Nzekwe said that the cost of importing petrol into the country was on the high side since the Naira had been devalued.
He added that petrol had a multiplier effect on the nation because virtually all sectors of the economy depend on it.
The former ANAN president urged the government to tackle corruption to reduce sabotage in the petroleum sector.
NAN reports that the country’s inflation rate increased from 33.69 per cent in April to 33.95 per cent in May. (NAN)
(www.nannews.ng)
IGE/HMH/AWA
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Edited by Habibu Harisu/ Olawunmi Ashafa
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