{"id":154037,"date":"2023-07-19T14:38:22","date_gmt":"2023-07-19T13:38:22","guid":{"rendered":"https:\/\/newmail-ng.com\/?p=154037"},"modified":"2023-07-19T14:38:22","modified_gmt":"2023-07-19T13:38:22","slug":"subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries","status":"publish","type":"post","link":"https:\/\/newmail-ng.com\/subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries\/","title":{"rendered":"Subsidy removal: Economist urges FG to resuscitate nation\u2019s refineries"},"content":{"rendered":"<div dir=\"auto\">An Economist, Prof. Evans Osabuohien, has appealed to Federal Government to make concerted efforts to resuscitate the nation\u2019s refineries, to reduce ripple effects of the hike in petrol price on the masses.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Osabuohien, who is also Head, Department of Economics, Covenant University, Ota, made the appeal while speaking with News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">He spoke against the backdrop of the announcement by the Nigerian National Petroleum Company (NNPCL), that the pump price of petrol had been adjusted to between N580 and N617 per litre.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">NAN reports that the NNPCL, on Tuesday announced that the pump price of petrol would be sold between N580 and N617 per litre due to response to market realities.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Osabuohien noted that the devaluation of Naira and floating of exchange rate was part of the factors responsible for the new pump price of petrol.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cIf the nation is exporting, that would have made our goods cheapter and the country would have a competitive market, but we imported much, which has a double tragedy on the exchange rate.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cIn addition, the nation exports petrol products and in return, brings refined products into the country, thus having ripple effects on the economy.\u201d he said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The economist urged the Federal Government to urgently put the nation\u2019s refineries in good condition so that the double effects of importing refined petrol product could be drastically reduced.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Osabuohien emphasised the need to urgently formulate policies and fashion palliative measures that would cushion the huge effects of hike of petrol price on Nigerians.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">He said that the Federal Government needed to set thing in motion so that the nation could begin to refine its petroleum products locally, instead of importing finished products into the country.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The economist said that the impacts were so much because those that imported refined products into the county needed to translate it to naira equivalent.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Osabuohien added that if the country had not been importing refined products, the effects would not have been much on the economy.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">He said that the Federal Government needed to put back part of the subsidy removal into economy to ameliorate the ripple effects on the people<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An Economist, Prof. Evans Osabuohien, has appealed to Federal Government to make concerted efforts to resuscitate the nation\u2019s refineries, to reduce ripple effects of the hike in petrol price on the masses. Osabuohien, who is also Head, Department of Economics, Covenant University, Ota, made the appeal while speaking with News Agency of Nigeria (NAN) on [&hellip;]<\/p>\n","protected":false},"author":150,"featured_media":148225,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,15,2],"tags":[1149,55313,59419,3075],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Subsidy removal: Economist urges FG to resuscitate nation\u2019s refineries | New Mail Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmail-ng.com\/subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Subsidy removal: Economist urges FG to resuscitate nation\u2019s refineries | New Mail Nigeria\" \/>\n<meta property=\"og:description\" content=\"An Economist, Prof. Evans Osabuohien, has appealed to Federal Government to make concerted efforts to resuscitate the nation\u2019s refineries, to reduce ripple effects of the hike in petrol price on the masses. Osabuohien, who is also Head, Department of Economics, Covenant University, Ota, made the appeal while speaking with News Agency of Nigeria (NAN) on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmail-ng.com\/subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries\/\" \/>\n<meta property=\"og:site_name\" content=\"New Mail Nigeria\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pages\/NewMailNG\/156576314503603\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-19T13:38:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2023\/05\/Port-Harcourt-Refinery-e1685502667912.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"309\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Wale Adewunmi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:site\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Wale Adewunmi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newmail-ng.com\/subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmail-ng.com\/subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries\/\"},\"author\":{\"name\":\"Wale Adewunmi\",\"@id\":\"https:\/\/newmail-ng.com\/#\/schema\/person\/022abf8833698741544138a1bd020469\"},\"headline\":\"Subsidy removal: Economist urges FG to resuscitate nation\u2019s refineries\",\"datePublished\":\"2023-07-19T13:38:22+00:00\",\"dateModified\":\"2023-07-19T13:38:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmail-ng.com\/subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries\/\"},\"wordCount\":372,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/newmail-ng.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmail-ng.com\/subsidy-removal-economist-urges-fg-to-resuscitate-nations-refineries\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2023\/05\/Port-Harcourt-Refinery-e1685502667912.jpg\",\"keywords\":[\"Covenant University\",\"Fuel price hike\",\"NNPCL\",\"refineries\"],\"articleSection\":[\"Business &amp; 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