Gov Otti attributes non functional of local refineries to rise of petrol subsidy

By Agency Report

Gov. Alex Otti of Abia State says, it was non-functional of local refineries in the country that encouraged petrol subsidy by Federal Government.

Otti said this in Nsukka on Thursday while presenting the University of Nigeria Nsukka (UNN) 63rd Founders' Day Lecture titled "Petrol Subsidy Removal: Dealing with Challenges, Harnessing the Opportunities."

He said that if the country's local refineries were functional and working in full capacity the trillions of naira spent on subsidy could have been diverted into other infrastructural development.

"It's unfortunate that we don't have functional petrol refineries in the country which resulted in government spending trillions of naria in the name subsidising  imported fuel.

"The most annoying of the fuel subsidy in the country is that 97 per cent of rich people are beneficiaries because they used  more of petrol in their fleet of cars," he said.

The governor said that money on  subsidy should be spent on commodity that were more beneficial to the poor citizens, like kerosene, cooking gas and agriculture as was obtainable in  developed countries.

"If money spent on subsidy is spend on other things that are beneficial to the poor it will help to reduce the poverty level, improve standard of living as well as boost the economy of the country.

"For the past  three decades the money invested in fuel subsidy has only benefited the rich as it has not Impacted positively on the poor which it was meant for.

"This is  because some rich people in the corridor of power and business  diverted most of the money to their private pocket," he said.

Gov. Otti however, noted that the removal of petrol subsidy on May 29 was a right decision that was long overdue for economic survival of the country.

"If the present government has not mustered political will to remove fuel subsidy on May 29 that made many rich people richer the Nigeria economy could have collapsed by now," he said.

The governor advised the three tiers of government to as a matter of urgency to put certain palliative measure in place to cushion the adverse effects of fuel subsidy removal which had resulted into high cost of food, good and services.

"Government at all levels should ensure the prompt payment of salaries to their workers and introduce a non-profitable mass transit scheme that will help workers and other citizens to get cheap transport to their destinations," he said.

Otti expressed appreciation to the Vice-Chancellor of UNN, Prof Charles Igwe and the management for finding him worthy to present the prestigious UNN  Founders' Day Lecture.

In a remark, Prof. Elochukwu Amucheazu,  the pioneer Director General of the National Orientation Agency (NOA) who chaired the occasion
commended successive UNN  Vice-Chancellors for sustaining the dreams and visions of the founding fathers of the institution.

He said that, the founding fathers of the university left an enviable educational and infrastructural legacies which had been sustained by the successive university managements.

"I commend UNN managements for sustaining the founding fathers, visions and missions towards sustaining the dignity of Man which is the motto of UNN ," he said.

In  a remark, Igwe said that the Founders' Day Lecture of UNN was an annual event during which we commemorate and celebrate the birth of the institution in October 1960.

"The founding of UNN, which was dubbed the 'Nsukka Experiment' was visualised and brought to life by Dr. Nnamdi Azikiwe, the great Zik of Africa who become our first Chancellor in 1960.

"That timely vision of Zik pave the way for the establishment of indigenous universities in the country.

"The Founding Day Lecture is always the highpoint of the activities marking the week-long celebration.

"The lecture is intended to create a stage for serious reflection and discussion on issues of national and global interest, thus, the honour of delivering our Founders' Day Lecture is reserved for persons of uncommon achievements.

"We usually go for persons whose achievements will  inspire and motivate the staff, students and alumni of our university. There is no doubt that our 63rd Founders' Day Lecturer, Gov. Otti, belongs to this special class of persons." he said.

Prof Frank Ndili, the former VC of UNN was among dignitaries present during the event.

The highlight of the event was cutting of 63rd anniversary cake by UNN management and other dignitaries. (NAN)