Deregulation Necessary for Development:President Jonathan

Channels Television  
Updated January 20, 2012

The President has said that government is focused on the total deregulation of the downstream petroleum sector, not removal of subsidy alone.

Deregulation Necessary for Development:President Jonathan

Dr. Goodluck Jonathan said the controversial deregulation of the downstream sector of the petroleum industry was a necessary change Nigeria must make and that for the government to have an impact on Nigerians as a whole, the decision had to be taken even though it was a tough decision to take.

Nationwide protests greeted the government’s decision that took effect from January 1 and increased the price of petrol from N65 per litre to between N141 and N200.

President Goodluck Jonathan who was speaking to the outgoing ambassador of Iran to Nigeria, Mr Hussein Abdullahi, at the state house today says his administration has taken difficult decisions in the past few weeks, but this was in the interest of the future of Nigeria.

The Iranian ambassador on his part told President Jonathan that his country also had to withdraw petroleum subsidies two years ago, noting that 70% of the savings were devoted to infrastructural development and 30% to the provision of other palliatives.