The Petroleum ans Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said that the payment of fuel subsidies by the federal government has become unsustainable.
PENGASSAN President Festus Osifo made the statement at the second day of the PENGASSAN Energy and Labour Summit Tuesday in Abuja.
The PENGASSAN President noted that the activities of oil thieves has put the country’s finances in dire strait thereby putting government finances in a very difficult situation.
Osifo noted that while it is not opposed to end of fuel subsidy, it also want the government to cut its profligacy.
According to Osifo, despite the dire economic situation, it continues to be business as usual for government officials.
“They should cut down on the excesses before seeking the support of the Union.”
“Even when we know today it is not sustainable for the federal government to be spending about 6 or 7 trillion Naira on subsidy payment. It is not sustainable considering planning the challenge that we have today.
In his keynote address Group Chief Executive Officer of NNPC, Mele Kyari, said for the petroleum industry to exist, the country needs to urgently arrest the massive oil theft in the Niger Delta.
Kyari insisted that except this is dome, Nigeria’s oil assets would be completely destroyed.
He added that the country has not been reaping the dividend of high oil prices due to the activities of oil thieves and vandals.
