The Lagos Chamber of Commerce and Industry (LCCI) has asked the federal government to punish those involved in the importation of adulterated Premium Motor Spirit (petrol) into the country.
Join our WhatsApp ChannelThe LCCI disclosed the need for an immediate overhaul of the country’s fuel import processes.
The LCCI President, Dr. Michael Olawale-Cole, in a statement said: “This is disappointing, risky, and calls for immediate overhaul of our import processes and systems to forestall any chance of future occurrence.”
Olawale-Cole noted that there had been reported cases of damage to vehicles across the country before the adulterated fuel was withdrawn.
He said: “One cannot imagine the danger this portends if it had happened or should happen with aviation fuels for our airlines.
“Beyond the rhetoric of accusations and denials by the parties involved, there is a need to conduct an extensive and conclusive investigation to unravel the circumstances that led to the compromised importation.
“The results of the investigations should point to actionable penalties for all parties involved to serve as a deterrent against future occurrences.”
Olawale-Cole urged the government to conduct an audit of the current processes towards having a standardised system that meets international best practices.
According to him, “These are necessary to forestall future occurrences and boost the integrity of our importation processes.
“However, the most sustainable solution to curtail these hazards and perpetually remove the burden of fuel subsidy is to have our domestic refineries in operation to refine our crude oil for local consumption and for export to boost our foreign exchange earnings. And as always emphasised by the Chamber, the government is expected to create an enabling environment where private refineries can thrive.
“Let us imagine that Nigeria will save about N6tn a year from fuel subsidies if we refine our crude and not accommodating any landing costs as the case presently. This figure represents about 50 per cent of our expenditures (when you add the recent proposed N2.56tn supplementary budget to cover six months fuel subsidy) in the 2022 Federal Government budget.
“We urge the Federal Government, therefore, to draw the courage of taking these necessary steps towards lessening the burden of consumption subsidies and investing more to boost our productive capacities.”
Olawale-Cole said the government should consider the economics of refurbishing and maintaining existing refineries to take decisive action on whether to own the refineries or involve the private sector in their management for profitability and sustainability.
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