THE Lagos Chamber of Commerce and Industry, LCCI, yesterday, called on the Federal Government to scrap the Dual Purpose Kerosene (DPK) subsidy regime while the NNPC should be directed to disengage from the business of importation, distribution and retailing of Kerosene.
Remi Bello, LCCI President, said the Chamber has watched with keen interest recent developments following investigations into alleged unremitted funds into the Federation Account, and demanded that President Goodluck Jonathan should direct the immediate scrapping of the Kerosene subsidy regime to save the economy from further fiscal leakages and inherent mismanagement.
"From all indications, the continuation of the Kerosene subsidy regime has profound consequences both for the health of the Nigerian economy and the integrity of fiscal operations of government. In the light of this, the LCCI submits as follows:
"The NNPC should be directed to disengage from the business of importation, distribution and retailing of Kerosene. The private sector is well placed to take on this responsibility. "The current model of Automotive Gas Oil, AGO, importation and distribution should be adopted for kerosene while the statutory regulatory agencies in the oil and gas sector should exercise the desired oversight functions to ensure quality assurance of products imported or produced locally," said LCCI.
According to the Chamber, the National Assembly should expedite action on the passage of the Petroleum Industry Bill to provide the legal platform for the much needed reform in the oil and gas sector of the economy.
"We urge President Jonathan to act without further delay on the recommendations of various committees and audits reports of the petroleum industry