Minister of Information, Mr. Labaran Maku
Minister of Information, Mr. Labaran Maku, has said the N1.3 trillion being spent on fuel subsidy annually would be used by the Federal Government for the nation’s benefit.
The minister, who stated this on Saturday, at the 45th Anniversary Lecture of the Federal Government College, Sokoto said this would be possible under a deregulate petroleum industry.
“The Federal Government needs to fund critical projects like the rehabilitation of all the railway network, construction of major roads and the second River Niger bridge,” he said.
The News Agency of Nigeria (NAN) quoted Maku as saying that the Federal Government had also planned to embark on irrigation projects at places such as the Itu irrigation point in Cross River State.
“Projects are critical to attaining our national Vision 20:2020, so as to develop our nation and offer economic and political leadership to Africa,” he said.
The minister, who was represented by his Special Assistant on Special Duties, Mr. Henry Angulu, said the nation must deregulate its petroleum industry, even if it was a hard decision.
“Opening up the downstream sector of the petroleum industry for the private sector, in the long run, will ensure availability of petroleum products through competition,” Maku said.
The minister further noted that more revenue for development purposes would accrue from value addition to nation’s crude oil, while job opportunities as well as technology transfer would make the nation an exporter of refined products.
He disclosed that a N35.51 trillion investment in nominal terms had been projected for the programme between 2011 and 2015, with the public sector accounting for N20.28 trillion of it.
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