Subsidy: Nigeria will continue to rely on CBN – Hope Uzodinma

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The Governor of Imo State, Hope Uzodinma that Nigeria will continue to rely on the Central Bank of Nigeria (CBN) to secure the nation’s economy especially during the petrol subsidy period.

Petrol subsidy

The World Bank had said the current petrol subsidy regime poses an “existential threat” to Nigeria, stating that the nation would have to quit the arrangement.

Imo State Governor while rejecting world bank’s report said that the projections were perpetually inaccurate and Nigeria will continue to rely on CBN to secure the country’s economy.

The World Bank had said the current petrol subsidy regime poses an “existential threat” to Nigeria, adding that the country would have to eventually get rid of the arrangement.

Uzodinma revealed that Nigeria has allies who are “friendly enemies” — internationally and nationally — but nation continues to exist.

Subsidy and global oil companies

“There is nowhere in the world you will go and the gas stations you will see are not Shell, ExxonMobil, Texaco Overseas, all the major oil producing companies,” he said.

“It is only in Nigeria that you will hear languages like independent marketers, Okafor & Sons Filling Station and all that. What is the World Bank saying about that?

“It is only in Nigeria you talk about subsidy. What is World Bank saying about that?

“It is only in Nigeria you hear jargons like turnaround maintenance. Where else in the world do you have such language?

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“A refinery is a process plant that requires just routine maintenance and cleaning, but here we spend billions of dollars to do what they call turnaround maintenance.

“If you have been to the United States, Texas in particular, where crude oil production is heavy, when you are arriving Houston airport, look at the environment; they plant vegetables, farmers live there, an environment where they produce crude oil.

“What is the cost of producing one barrel of crude oil in Houston by Shell and what is the cost of producing one barrel of crude oil by Shell in Nigeria?

“But if you are landing in Warri Airport, look at the local river, there is no fish anymore, the place is highly polluted.

“There’s total disregard to our environmental laws and nobody’s raising all these issues, rather what we want to occupy ourselves with is knowing a party that has Muslim-Muslim ticket and a party that has Christian-Christian ticket.

“So, they are making a mockery of us and if we don’t rise up and address our challenges, nobody, I repeat, nobody, will do it for us. We have to define our country, we have to identify, collectively, our national interest so we can also collectively defend it.”

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