The Nigerians in Diaspora Monitoring Group has commended Dr Ibe Kachikwu, Minister of State for Petroleum and NNPC Group Managing Director on the plan to replace the corruption-ridden oil swap deal with the Direct Sale-Direct-Purchase (DSDP) mechanism in March, this year and also for the removal of subsidy.
Coordinator of the group, Philip Agbese in an electronic statement made available to journalists, also urged Kachikwu to investigate PPMC over underhand dealings with some marketers in the industry to cause Nigerians hardship.
Agbese said the minister has shown that he is not only courageous, but has proved that he is the best man for the job.
He said, “This DSDP which replaces the crude oil swap initiative and the Offshore Processing Arrangement (OPA) will entrench transparency in the crude oil for product transactions in line with global best practices.
“The initiative, like the Minister of State for Petroleum Resources has said, would save Nigeria a lot of money that would then go for other developmental projects. $1 billion is a lot of money that can finance a lot of capital projects.”
On the removal of fuel subsidy, he said the Federal Government has no justification to retain the controversial fuel subsidy, arguing that the falling oil price and the attendant revenue shortfall have combined to make fuel subsidy absolutely uneconomical at this period of the nation’s history.
-Leadership
