Photo caption: Comrade Festus Osifo, President of PENGASSAN (second right) during the National Executive Council meeting (NEC) held recently in Lagos.
By Charles Okonji
Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called on the President Bola Ahmed Tinubu’s led Federal Government to jettison the increment of Value Added Tax, stating that it will further impoverish the Nigeria masses.
The President of the Association, Comrade Festus Osifo who stated this during the meeting of the National Executive Council, NEC, held recently in Lagos, noted the government should expand revenue base through diversifying investments into other sectors, especially the mining sector.
Comrade Osifo noted the proper investment should be attracted into the solid mineral sector, stressing that there is very huge opportunities untapped which could create massive employment and add to positive growth of the country’s Gross Domestic Product (GDP).
According to him; “Nigeria is blessed with Bitumen in Ondo state; Tin in Jos; Gold in Zamfara and Limestone that cut across different parts of the country. These resources are lying fallow. We should tap into these resources, not mainly to export them, but add value to them, to be able to generate jobs for the teeming population and as a country, earn huge revenue.”
Commenting on the 2025 budget budgetary allocation, Comrade Osifo faulted the N49 trillion slated for the 2025 fiscal year, saying that it’s meagre considering the country’s population and it’s massive infrastructural deficit.
He lamented that N49 trillion budget, which is about 30 billion dollars, with a deɓt serving profile of about 90 percent cannot take Nigeria anywhere.
Charging the government on the engagement of indigenous professionals on the power sector to fix the inherent challenges, lamented that absence of competent and knowledgeable professionals have bedeviled the sector over the years.
He emphasized the need for qualified individuals to lead the Ministry of Power, the Nigerian Electricity Regulatory Commission, as well as other critical agencies in the country.
Responding on the issue of reliance on gas-fired plants and subsequent interruptions, he noted; “Often destabilize power production, leading to reduced generation capacity. Nigeria should adopt a decentralized approach to power generation, using renewable energy sources to support rural development. Upgrading transmission lines, substations, and grid control systems can improve power delivery reliability.”
