Petrol subsidy removal: Tax breaks can help, says oil firm
Chairman and Chief Executive Officer of Moni Pulo, Dr. Seinye Lulu-Briggs, has advised the Federal Government to cushion effects of subsidy removal.
She advised government to consider tax breaks and exemptions, among other palliatives.
Lulu-Briggs spoke in Delta State at 2023 Federal University of Petroleum Resources (FUPRE) Awards, where she won Africa’s Leading Indigenous Energy Solutions Provider of the Year Award.
Moni Pulo took the honour of Indigenous Oil & Natural Gas Exploration & Production Company of the Year.
She noted subsidy on petroleum products was a good idea, but unsustainably implemented.
Lulu-Briggs said: “Subsidy is a good, but its implementation has been fraught with irregularities. Having witnessed its abuse, we understand the administration’s decision.
“However, palliatives, including tax breaks and exemptions, are needed to cushion effects of the removal.
“There should be a middle ground where the government benefits and the people are not further impoverished’’.
Lulu-Briggs was represented by Moni Pulo’s Manager of Administration and Security, Clifford Darego, who thanked the organisers for the honour.
She said it was gratifying our work as innovative player in oil and gas was being noticed.
Lulu-Briggs said its vision ‘’to serve as a reference for excellence in oil and gas’ ” which was laid down by Founder, her late husband, Dr. O.B. Lulu-Briggs, was taking root.
She noted as a firm from Niger Delta, Moni Pulo “cares about the environment and uplifts host communities, adding it launched Abana Host Communities Development Trust in April, to serve its Effiat and Mbo hosts in Mbo Local Government, Akwa Ibom State.
