A former member of the House of Representatives, Hon Ogbonna Nwuke, has said the removal of fuel subsidy, which led to the sudden increase in pump price of fuel, has forced many Nigerians to change their lifestyles.
Nwuke, who is a chieftain of the Peoples Democratic Party (PDP), told LEADERSHIP that the development has not only affected the cost of food items, but that of transportation.
He said, “If we are to take a global view of what is happening, it is not only in Nigeria that fuel price has gone up, which means that cost of energy at its production are beginning to impact on the citizens.
“Of course, in our own case, we have been dilly-dallying overtime when it comes to the issue of important matters, particularly about fuel subsidy. This removal will affect the way those of us in Nigeria and those of us in Rivers State behave.
“Honestly speaking, the very reason why the Petroleum Industrial Act was promulgated by the National Assembly was to ensure good use, particularly downstream sector of the oil and gas sector.
“Critical to that Act was the issue of deregulation. And when you say deregulation, you are saying that we must submit to market forces.
“So, when you look at the decision the President has taken in order to reduce the weight, particularly, the leakages that are associated with payment of subsidy, you can find out that fuel has found its level in terms of cost.
“The fuel price increase is now affecting the way we behave. Because the economy runs of fuel largely, the cost of food items has gone up. These are seeming indications of what will come in the short run.”
He said in the long run, if the Dangote Refinery was to come on stream and if all the refineries, which are owned by the system are to operate, if BUA, which is about one or two years behind Dangote in the construction of refinery is on stream, the prices of these products will drop.
He noted that part of the impact is that he has to reassess his needs, how he get around and what his money can buy and keep his family running.
“However, I am not one of those ones who will wake up and say why did they remove subsidy? I am one of those who really think this is the time to live within our limits in this country and as a people.
“I think that it will affect movements. What we should do is to adjust,” he said.
