Dr. Samuel Nzekwe, former President, Association of National Accountants of Nigeria (ANAN) has commended the Federal Government for the removal of petrol subsidy in the country.
Nzekwe made the commendation on Friday in an interview with the News Agency of Nigeria (NAN) in Ota.
He was reacting to the recent deregulation of the petroleum downstream sector by the federal government.
Nzekwe said that there had been agitations by Nigerians in various sectors for the removal of the subsidy in order to check corruption in the sector.
“The removal of fuel subsidy is a welcome development because forces of demand and supply would determine the petrol price, thus, reduce sharp practices in the sector,” he said.
He called on the government to repair all broken down refineries in the country so that they could produce at an optimal level to meet local demands.
Nzekwe further said that some of the nation’s petroleum products could be exported to generate more revenue for the country.
He stressed the need for the country to stop exported crude oil to other countries and in return import refine a product, saying that this exerts pressures on the nation’s currency.
The former ANAN president also said much efforts should be channeled toward diversification of the economy to reduce heavy dependence on foreign goods.