By Jude Njoku

Worried by the continuous decay of the nation’s infrastructure, Lagos based quantity surveyors have called for the de-regulation of the petroleum downstream sector, but not as dictated by the World Bank.

The construction cost experts who brainstormed on “Total deregulation of the down stream Petroleum sub-sector-aftermath and effects on the real sector of the economy” at the 4th Distinguished Annual Lecture, organised by the Lagos State branch of the Nigerian Institute of Quantity Surveyors NIQS, declared: “ de-regulation is an option we must take but not as directed by World Bank, instead we should go by our own terms”.

In a communique issued at the end of the lecture and signed by the Lagos NIQS Chapter chairman, Mr. Tijani Lasisi, Chairman of the Lecture Planning Committee, Mr. Olayemi Shonubi and Mr.Raymond Chike Enemoh, the cost experts also decried the continued reliance on wood by the construction industry. They described this as  unsustainable, and insisted that efforts should be made to exploit opportunities in the petroleum down stream sector  using PVC products.

The quantity surveyors who noted  that the petroleum downstream sector is not driven by merit, called for the urgent reversal of the situation through removal of the platform that encourages corruption. “A methodical transfer of the sector from the government to the private sector required.

“The country is at a crossroad as either continuing with the unsustainable fuel subsidy with attendant effect of continuous decay of infrastructure and poor development or removing the fuel subsidy with attendant effect of marginal hardship on the part of the masses – The latter option is a risk but a better option,” the cost experts said.

NIQS President, Mr. Ajele John Alufohaii in his goodwill message stated that fuel subsidy is not sustainable. “Removing it will be of immense benefit to our economic and social development, he said. ”The amount budgeted for the fuel subsidy is still over N800 billion-half of which has been spent by the fifth month of this year.

The Excess Crude Account will be raided as usual to meet any shortfalls. Do we seriously believe that subsidizing the consumption of fuel in a few cities in a country where the majority live in the rural areas-places where a higher proportion of jobs and non-oil income and exports are generated-is the best way to diversify our economy and create jobs? What is the sense in spending so much money on subsidized fuel amidst dilapidated transportation infrastructure? Will not more people in Lagos and elsewhere use public buses and even ferries and rail if they are safe, clean and modern?