Oil and Gas Conference and Exhibition in Abuja which had Managing director of Oando Plc, Mr. Wale Tinubu as speaker will forever linger and one of the best in the recent time.
At the exhibition Wale Tinubu will do something.
However, has said that the $5 billion spent last year on fuel subsidy could have been used to finance other critical infrastructure needed by vast majority of the populace.
Tinubu therefore urged the federal government to take steps towards deregulation of the oil and gas industry as well as end the fuel subsidy regime.
Tinubu who spoke at the Oil and Gas Conference and Exhibition in Abuja, also commended the National Assembly for passing the Petroleum Industry Bill (PIB) and advised the federal government to reconsider its passage.
He advocated that all stakeholders must support the deregulation of the oil and gas sector to engender growth.
Speaking at the conference, Tinubu said stakeholders in the petroleum industry should rise up and discourage the practice.
According to him, other critical sectors of the economy, like education and health among others, were in need of funding, adding that such amount expended on subsidy should have been directed to other critical sectors or towards infrastructure development.
He said: “The government has chosen to effectively subsidise the price as a social palliative. Not that I support it, but we spent $5 billion last year on subsidy, which was even more than what we spent on education and housing combined.’’