Minister of Information, Lai Mohammed on Thursday, informed newsmen that over 37 investors had expressed interest in running the nation’s refineries. This follows government’s decision to liberalize the downstream sector of the petroleum industry.
Mohammed also disclosed benefits from this decision adding that it will save 400,000 jobs and further create 200,000 more.
The minister hinted that in 2015, amount paid on subsidy by government was over N1 trillion, he said government further sought the approval of the National Assembly for a supplementary budget with subsidy component of N522 billion.
He said government can no longer sustain this act.
The minister added, “This prize regime is going to encourage more investment in refineries and in the gas stream sector. You may notice that throughout last week, 37 companies are jostling to come and invest in our refineries just because we have opened up the sector.
“Again this prize regime will lead to the creation of more jobs because when people invest in the downstream sector, they invest in refineries, there will be more jobs and it will also save the existing jobs. We can see a total of 200,000 new jobs being created and saving existing 400,000 jobs.
“On the long run when products are available, people do not have to sleep at the petrol stations, it softens their pains.”
“This is the only government that out of its own conviction, out of its love for the poor people made available half a trillion naira in the budget without any provocation, without anybody protesting, to take care of the common man.”
“This is the most exciting of all the programmes because even if you are going to give these children one egg a day, it means you will need 5.5 million eggs, in a calendar year of 200 days, it means over one billion eggs, you can imagine what this can do to agriculture.
“Fourthly, we have the enterprise scheme, which is a system of revolving loan. We are targeting one million market women and men, 460,000 artisans and technicians and 200,000 non- professional workers.
Last week, the Federal government increased the pump price of Premium Motor Spirit(PMS) otherwise known as perol from N86 to N145 a litre .
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.