A notable legal practitioner in Nigeria, Prof. Itse Sagay SAN, Chairman of the Presidential Advisory Committee Against Corruption (PACAC), on Sunday expressed strong opposition to removal of petrol subsidy by the federal government until the enhances the production capacity of the domestic economy to process petroleum products in the country.
Sagay, speaking on Channels Television on Sunday monitored by National Daily from Lagos, declared: “I do not think petrol subsidy should be removed without processing crude oil into petrol and other products in the country.” Sagay cautioned that until refineries begin to function in Nigeria, the incoming president cannot remove subsidy, noting that it will not help the new president.
According to him, “the incoming president must not remove petrol subsidy until refineries begin to work. Let nobody deceive him; it will not help him; it will make his party unpopular.
“The refineries must work first – the Dangote refinery, federal government refineries.”
The Chairman of the Presidential Advisory Committee Against Corruption (PACAC) noted that the completion of the Dangote refinery has lingered so long. He therefore, emphasised that “the Dangote refinery is a frustration to Nigerians, and the federal government must look into what is going on there.”
Sagay maintained that if petroleum products are processed locally, the price will drop because the cost of production will be lower.
Speaking further, Prof. Sagay was of the view that the incoming President, Asiwaju Bola Tinubu, must do restructuring on assumption of office, as a way of stimulating the economy and other socio-economic issues.
Sagay expressed that restructuring which gives more powers to the states, was the principle of late Chief Obafemi Awolowo of the South West. He noted that Awolowo promoted development in the Western Region when there was regional autonomy, saying that if Awolowo was to be president of Nigeria, the country would have developed and be like Singapore, Malaysia, Indonesia, etc. He added that restructuring is also the belief of the southwest.
“Tinubu must do restructuring. This was the principle of Awolowo, who believed in it, and the South West. Awolowo developed his region. If Awolowo was to be President of Nigeria, we will be like Singapore, Indonesia, Malaysia, and other Asian countries that were at the same level with Nigeria but have now developed, while Nigeria is lagging behind,” Sagay declared.
He also said that the incoming president must tackle security crisis first. He noted that citizens need to be safe while others can go to their farms safely to produce for the country. He also said that economy should be the second thing the new president should look into.