Samuel Nzekwe, a financial expert, has advised the incoming administration to license smaller modular refineries to end the fuel crisis in Nigeria.

Mr Nzekwe, former president of the Association of National Accountants of Nigeria (ANAN), gave the advice on Monday in Ota, Ogun, reacting to the National Economic Council’s decision to the federal government to stop the proposed plan to remove petrol subsidy by June.

After the NEC meeting on Thursday, Finance minister Zainab Ahmed urged the federal government to halt the removal of fuel subsidy slated for June.

Mr Nzekwe said the incoming government should set standards that the smaller modular refineries must meet to curb sharp practices. The ex-ANAN president commended the NEC for suspending the proposed plan of the federal government to remove the fuel subsidy by the end of June.

The financial expert added that the outgoing government should leave the incoming administration to examine the policy from the right perspective to decide on removing the fuel subsidy.

He noted the need for the incoming administration to ensure that all refineries worked to optimal capacity before finally removing the fuel subsidy.

“It is when the country has all these in place that proper pricing of petroleum products could be determined. In addition, if the country is going to import fuel after the refineries have been repaired, it would be few and not on a large scale,” the ex-ANAN president said.

Mr Nzekwe stressed the need to remove the fuel subsidy after necessary measures have been put in place because fuel subsidy is like financing inefficiency and corruption.

(NAN)