Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Downstream sector deregulation will be gradual- NNPC

22 March 2013, 16:06

Abuja -  Deregulation of the downstream sector will be a gradual process in line with the Federal Government’s transformation agenda, an official of the NNPC has said.

The official who pleaded anonymity, told the News Agency of Nigeria (NAN) on Thursday in Abuja that the Federal Government was still meeting with stakeholders in the sector.

According to the official, this is to ensure the best way to go about the deregulation process in order to benefit the generality of Nigerians.

``The Federal Government is still consulting with stakeholders on the deregulation of the downstream sector.

``You will recall that the Federal Government has said the deregulation will be a gradual process so as to meet the interest of Nigerians,’’ he said.

He noted that the Federal Government had made provisions for subsidy payment in the 2013 budget, although with some stringent measures.

The official expressed optimism that the deregulation of the downstream sector would bring efficiency to the sector and impact positively on the nation’s economy.

He said that the NNPC on its part would continue to work assiduously to ensure the availability of petroleum products across the country.

NAN recalls that Jonathan had on Tuesday in Lagos at the Nigeria Summit, re-echoed the need to deregulate the downstream sector of the petroleum industry.

``We cannot continue to waste resources meant for a greater number of Nigerians to subsidise the affluent middle class who are the main beneficiaries,” Jonathan said.

The Minister of Information, Labaran Maku, was also reported to have stressed the need to deregulate the downstream sector while briefing State House Correspondents after the weekly Federal Executive Council meeting on Wednesday.

“Without deregulation, you will never have a sustainable downstream sector of the economy. We cannot generate jobs in the sector; we cannot have an orderly market,’’ Maku said.

Maku said that selling the idea of deregulation to Nigerians remained the biggest challenge by his ministry in 2012.


Tags nnpc

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...