Employers of labour in the country under the umbrella of Nigeria Employers’ Consultative Association, NECA, have applauded the Federal Government for introducing fuel price modulation into the system.
The Director-General of NECA, Mr Olusegun Oshinowo, who gave this commendation while fielding questions from newsmen in Lagos, expressed hopes that with the fuel price modulation, the financing of fuel subsidy will no longer appear in government’s budget.
He stressed that it was pertinent for government to focus on the policy framework as well as incentives that will ensure that Nigeria is self-sufficient in crude oil refining capacity to meet her energy needs.
Oshinowo, however, pointed out that the organised private sector was expecting a decisive, unambiguous and explicit policy statement that fuel subsidy regime has ended.
He called on the federal government to ensure the privatisation of the nation’s four refineries and jointly agree on a timeline and modalities with Investors on the utilisation of the licenses already issued for the setting-up of Private Sector-owned Refineries.
The NECA boss further said there should be redefinition of the role of the Petroleum Products Pricing Regulatory Agency, PPPRA, as an ombudsman, stressing that this would ensure compliance with products standards and bring about fair competition.