DELSU VC Says Removal Of Fuel Subsidy Would Ultimately Benefit Majority Of Nigerians

By Ese Umukoro

The Vice Chancellor of Delta State University, Abraka, Professor Samuel Ogheneovo Asagba has expressed optimism that the paradox created by the removal of fuel subsidy in Nigeria would ultimately benefit majority of Nigerians.

Professor Samuel Asagba expressed this hope at a one-day public lecture with the theme: Macroeconomics of Fuel Subsidy Removal: A Paradox of Plenty or Poverty Paradox, organised in honour of Professor Peter Chukwuyem Egbon who clocked 70 years and was retiring from the services of the university.

ALSO READ: Senator Ned Nwoko Calls For Public Hearing On Crude Oil Theft In Niger Delta

Making his remarks as Chief Host of the ceremony which took place on Wednesday, April 2, 2025 at the ultra-modern complex of the Faculty of Management Sciences, Site 3 of the university, the Vice Chancellor equally thanked the celebrant, Professor Peter Chukwuyem Egbon for his successful retirement from the services of the university after decades of years of impacting lives and society through teaching and research in the Department of Economics.

Earlier in her lecture to honour the celebrant, a Professor of Economics who has put in over three decades of years of service, the keynote speaker, Professor Ovuevuraye Dicta Ogisi gave an insightful exposition on the trajectory and controversies surrounding the issue of fuel subsidy and how it has gulped billions of naira from the Nigerian treasury.

She further stated that because of the inability to sustain the intervention, President Bola Ahmed Tinubu took the bold step of removing fuel subsidy in 2023 which led to fuel price increment, inflation in goods and services, as well as hardship on Nigerians.

She further pointed out that the debate around fuel subsidy removal is what economists referred to as ‘paradox of plenty or poverty paradox’ which in turn formed the theme of the public lecture.

Professor Dicta Ogisi concluded her lecture by saying that removal of fuel subsidy can lead to both economic efficiency and short term hardships and these can help redistribute wealth as well as distort markets and strain government finances.

The guest speaker, Dr Harrison Okafor, who was a former student of the celebrant, in his lecture raised pertinent questions on the issue of fuel subsidy in Nigeria.

He specifically queried data provided by the Nigerian National Petroleum Company Limited (NNPCL) on fuel subsidy concerning daily consumption of fuel and claim on the functionality of the Nigerian refineries.

He therefore, left the audience to be the judge of the current issues based on present situational analysis.

He further opined that the removal of fuel subsidy in Nigeria has both positive and negative effects, hence it remained a paradox. Specifically, he identified one positive effect to be more resources available for sharing by the three tiers of government at the monthly Federation Accounts and Allocation Committee (FAAC) meeting. While for the negative effect, he emphasised that Nigerians are now experiencing hardships like never before as prices of goods and services have skyrocketed. Dr Okafor however expressed hope that if the present fuel subsidy removal is not politicised, things would get better in the country.

Other highlights of the event included the unveiling of a gift of a fully installed solar electric system in the celebrant’s country home by Professor Jeroh Edirin, Director of the University’s Examination Centre on behalf of his academic children, mentees and friends, and colourful cultural entertainment by a dance troupe from Akumazi kingdom where Professor P. C. Egbon hails from.

Responding, the celebrant, Professor Peter Chukwuyem Egbon expressed his joy for the public lecture organised in his honour. The Professor of Economics further thanked his academic children, mentees and friends who put the event together for him.

He recalled how he started his lecturing career in the defunct Bendel State University, Ekpoma from where he transferred his services to Delta State University, Abraka underscoring the fact that both the good and bad experiences shaped him into who he is today.

The celebrant thereafter requested for a special song to offer thanks to Almighty God for how far he has led him.

Dignitaries that were present at the public lecture included the Vice Chancellor of DELSU, Prof Samuel Ogheneovo Asagba; Deputy Vice Chancellor (Administration), Professor Rose Okoh; Deputy Vice Chancellor (Academic), Professor Hilary Owamah; Registrar of the university, Mrs Rufina Ufiofio; other principal officers of the university; staff and students as well as well wishers from far and near.

Also in attendance were His Royal Majesty, the Obi of Akumazi Kingdom, Henry Ezeagwukpo Jegbefume I and members of his traditional council; Chairman of Governing Council of Dennis Osadebey University, Asaba, Professor Robert Ikomi; Vice Chancellor of Delta State University of Science and Technology, Ozoro, Professor Jacob Snapp Oboreh; Rector of Delta State Polytechnic, Ozoro, Professor Emmanuel Ufuophu-Biri; friends and family of the celebrant.

A reception ceremony followed immediately after the public lecture at the Convocation Hall of the university.