Nigeria: Oil Swap Deal – Nigerians in Diaspora Commend Kachikwu

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The Nigerians in Diaspora Monitoring Group, has recently commended the Minister of state Petroleum and NNPC group managing director, Dr Ibe Kachikwu on the plan to replace the oil swap deal with the Direct Sale-Direct-Purchase (DSDP) in March this year and also for the removal of subsidy.
Coordinator of the group, Philip Agbese in an electronic statement also urged Kachikwu to investigate the PPMC over underhand dealings with some marketers in the industry to cause Nigerians some hardship.
Agbese said the minister has shown that he is not only courageous but has proven 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 into the crude oil for product transaction in line with global best practices”.
According to the Coordinator, 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. $I 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.

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