Senator Bassey Albert Akpan says Nigeria has been subsidising corruption for over 30 years in the name of fuel subsidy
Chairman, Senate Committee on Petroleum Resources Upstream, Obong Bassey Albert, OBA, has described power and fuel subsidy as the bane of Nigeria’s socio-economic and political development.
Senator Bassey Albert stated this while delivering a Keynote Address at 1st Distinguished Alumni Lecture of the Faculty of Social Sciences, University of Uyo, UNIUYO, entitled “Oil, Gas, and Politics: Unbundling the Conundrum for National Development” on Monday, 13th December 2021 at the Onyema Ugochukwu Hall, Town Campus of the University.
The Senator representing Akwa Ibom North-East (Uyo) Senatorial District regretted that the Federal Government of Nigeria has been subsidising corruption and inefficiency in the name of power and fuel subsidy.
While bemoaning persistent opposition against the removal of power and fuel subsidy particularly from labour and academics, Obong Bassey Albert warned that Nigeria would collapse economically if Nigerians do not let go of subsidy.
He argued that government cannot continue to subsidise petroleum and power since it does not serve the interest of ordinary Nigerians, stressing that funds spent on subsidies end up in the pockets of cartels who are determined to hold Nigeria to ransom through fuel subsidy
The situation, according to Senator Bassey Albert, informed why the National Assembly has moved to remove fuel subsidy through the Petroleum Industry Act, PIA, which he described as “the catalyst for optimal growth of the industry.”
The Chairman on the occasion and former Vice-Chancellor of the University of Uyo, Prof Akpan Hogan Ekpo, described Senator Bassey Albert as the pride of the institution and commended the senator establishing the nexus between “the Town and the Gown”.
Professor Akpan Ekpo noted Senator Bassey Albert’s rise from protest politics in the university to mainstream politics remains an inspiration to the students and alumni of the institution.
The chief host and Vice-Chancellor, Professor Nyaudoh Ndaeyo, lauded the Faculty of Social Sciences for the initiative and expressed satisfaction with the quality and depth of the lecture delivered by Obong Bassey Albert, recommending that people like him who combine intellect with politics deserve higher political offices.
In his remarks, the chairman of the organizing committee and Dean, Faculty of Social Sciences, Professor Christopher Ekong, said the lecture was conceptualised to allow distinguished alumni of the faculty to share their experiences with the younger generation as well serve as motivation to them.
Prof Ekong thanked Senator Bassey Albert for making time to share his wealth of experiences in the oil and gas sector and the National Assembly, especially on issues bothering policy formulation for the growth of the oil and gas industry in Nigeria and the economy, challenging students and members of the public to be inspired by his achievements.
While noting that the oil and gas industry contributes a significant percentage of foreign earnings for Nigeria in the last 30 years, Pro Chris Ekong posited that the topic for the lecture was in line with the present economic realities in Nigeria, which he said desires proactive steps to achieve optimum diversification.
Professor Ekong hinted the choice of Senator Albert as Keynote Speaker of the first lecture series was instructive, having graduated from the faculty and has in the past six years contributed immensely to the development of the oil and gas sector through various legislative actions.
He was optimistic that students, members of the University Community, industry stakeholders, policymakers, and the public, who attended the epoch-making event, benefited greatly from the lecture.
