The PENGASSAN President further added that the activities of oil thieves have put the country’s finances in dire straits, thereby mounting unnecessary pressure on the government’s finances, amidst rising inflation.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has agreed to the proposed withdrawal of the petrol subsidy, but insisted that the Nigerian Government must cut down on recurrent expenditure and reckless spending on overhead before going ahead.
Festus Osifo, President of PENGASSAN made the statement on day- 2 of the just concluded his association’s Energy and Labour Summit, held in Abuja.
According to him, the payment of fuel subsidies by the Nigerian Government has become unsustainable and suggesting that something has to be done urgently to salvage the situation.
Osifo, however, revealed that PENGASSAN is not averse to measures being taken to end subsidy on petrol, but insisted that the Nigerian Government and other public officeholders must show sufficient commitment to the idea of pruning the cost of governance and their financial recklessness.
Osifo noted that despite the dire economic situation and rising inflation, government officials and other political classes have maintained their monumental spending patterns.
He said, “They should cut down on the excesses before seeking the support of the Union.
“Even when we know today it is not sustainable for the federal government to be spending about N6 trillion or N7tn on petrol subsidy payment.