The Nigeria Extractive Industries Transparency Initiatives (NEITI) has blamed the over three-week scarcity of Premium Motor Spirit aka petrol on the continued subsidy on the product.
The agency explained that the solution to the country’s prolonged fuel crisis is to halt the subsidy regime as canvassed by stakeholders including the Nigerian National Petroleum Company Limited, noting, however, that the Federal Government has its reasons for retaining the scheme.
Commenting on the petrol crisis at a briefing in Abuja, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, described the current petrol scarcity as a symptom, while the main disease is the subsidy.
Orji said: “At the moment, the NNPC and the Nigeria Midstream and Downstream Petroleum Regulatory Authority are seriously working hard to restore normalcy.
“I was in touch with the top management of the relevant organisations and I am aware of the amount of work and pressure that have gone into this. But let me say this; fuel scarcity is just a mere symptom, subsidy is the main disease.”