 Welcome back to the breakfast and plus TV Africa. We're looking at a second conversation now. LCCI have actually advised the federal government to remove subsidy. The Lagos Chamber of Commerce and Industry has advised the federal government to remove subsidies and implement the Petroleum Industry Act religiously. The advice was given by the vice president LCCI Gabriel Idahosa at a 60th anniversary celebration of oil producers and trade section held in Lagos recently. According to him fuel subsidy should be removed because it's no longer sustainable, noting that its removal was fundamental to the growth of downstream sector. The Chamber also said its critical position occupied by the oil and gas sector has consistently advocated for the creation of conducive business environment oil praetors can thrive. The menace of oil theft pipeline vandalism, low investment and insecurity have all contributed to the wars recorded. This as the all important sector is experiencing. We expect the government to do more in fixing these issues knowing the proportion of revenue contributed by this sector. We have always recommended that the government must strive to implement the Petroleum Industry Act 2021, remove the unsustainable fuel subsidy, deregulate the downstream sector, remove peculiar issues affecting the praetors in the sector. We look forward to a feature where the NNPC limited another oil and gas asset are commercialized, run more effectively and Nigerian attracts all investment required to boost oil production, refining capacity. This is what he said. According to him, all PTS members companies accounted for about 90% of Niger oil production and contributed significantly to domestic and export gas production and supply. Over the last decade, all PTS member companies accounted for 40 to 60% of government revenue, 85 and 90% of exporting earnings. All PTS member companies are also proud to have paid thousands, tens of billions of dollars in taxes, levies, royalties, rents and license fees to the Nigerian government. And this is done through indirect employment of people, local contractors and service providers. The conversation is almost endless right here, but we have a guest joining us. Adamson Momor, who is the PR of NewPeng, thank you for joining us. Hello? Yes, Adamson, thank you for joining us this morning. Yeah, good morning, how are you? I'm very well. So let's get to it. I mean, one of the issues that the LCCI is asking is that there be an implementation of the PIA. And prior to this, you have the governor's complaining about the shortfall for revenue. It hasn't been a plus for them. And some people say implementing the PIA would not be of any good to the economy, especially where there will be revenue shortfall. I'd like to show you your thoughts on this, the LCCI and the issue of implementation of the PIA. Okay, can you hear me now? So the Lagos Chamber of Commerce and Industry is advising that the government implements as part of their concern the PIA. And now, having the PIA, you have another set of persons. It feels like, you know, governors have actually complained of the implementation of the PIA would actually hot the economy. So I'm saying, what are your thoughts on this? Just opposing the consents of the LCCI and, you know, the governors in an implementation of the PIA, what are your thoughts? The PIA is something we have all prayed for. And it has been passed into law after so many years that it has been in the Kula. That made me the implementation will be in place. And it will guarantee transparency in the oil and gas industry. Because most of the businesses in the oil and gas industry have been shrouded in secrecy. So a lot of thoughts. So the PIA is a work on development and it will go a long way to bring in new investors who have been having doubts about the operations in the oil and gas industry. But so let's get to this other part of the conversation where you have all the parts that are saying that if the the PIA becomes operational, it will significantly reduce government's revenue and in fact result in caught in maintenance by the Nigerian National Petroleum Company Limited. It's not as you thought. The NMPC is now a limited limited company. It's the operations have been commercialized and there will be less government interference. Oh, I don't think it's going to be like that. But when you say it's going to be like that now, the issue, the actual issue is you have the fact that there are remittances. And if you're going to take that, we understand the implication for government revenue. You know that the I mean, at the end of the day, there's a shareholder. We need to determine the dividends and not pay royalties to government, which is good. All right. So what's the way forward? Because this is the situation that Nigerians and the government will have to to deal with going forward. We can't continue like this. We know what the economy is going through right now. We know what the international markets are facing right now. We know about the cash crunch that government is facing right now. It's a trillion Naira deficit budget that government is running. So what do you think the way forward is? Well, what we are facing now is a lot of leadership failure. Because I don't see why we are going to be borrowing, borrowing, you know, even the better government is even borrowing to pay salaries now, which is very, very bad, you know, this is bad economics. So I believe the way out is to have the political will to take the bull by the hand. So in terms of the industry, the oil and gas industry, a lot of even even now, the state is not very clear. Sanitary industry, when you let the refineries come on screen, so that we will stop this massive importation of refined produce. We cannot have food oil and be sending it for refining when we have the refineries here. But I'm worried about tangles that the potential refineries will soon go on screen by early next year by producing 60,000 balance refined crude per day that we go a long way to put to reduce the pressure on the foreign exchange and bring in the needed resources. So all we need is just the political will and the right leadership to follow the efforts of this country. So what happens to a reduction in revenue available for service delivery by the government, the federal government? Well, that's not what I'm saying. We will have the political will to really do the needful. What is the costum? What's coming out of the new service? What about the the state of crude? This will be all just all this in the government and improve our revenue be it out of this massive borrowing, borrowing that at the end of the day, our big run today, we have to suffer for. But this argument is valid because we're talking about a sector that is responsible, is a major sector, you know, responsible for foreign earnings or earnings of the economy. And so how can these things be really? In respect to softwares, we cannot completely remove softwares now because we don't we are not producing refined products. If we remove softwares now totally, the masses will suffer. The price of particular products will definitely shoot off. So it has to be a gradual thing. If you refineries and as you said by next year, may remove the softwares, but for now it will be easy. If you cut out on that, it is easy. Well, we have to let you go now. And Adamson, one more. Thank you so much for being part of the breakfast. Thank you very much. Thank you, it's sort of a 22 situation where, you know, Kamelis is in a tight corner. You know, so I don't know what we were going to go about it. But anyway, this is what the LCCI is saying. Hopefully, maybe in the future, we'll have someone from the LCCI that's going to talk about this, tell us more about what they are saying. But that's the sides of our package this morning. We'll be back tomorrow with more conversations. The campaigns are upon us. You know, I remember reading the cartoon, the comic book, or yeah, the comic book of asterisks and obelisks. You know, back in the days as a youngster, as a kid, and they were always afraid this guy was about to fall on their heads. You know, so the campaigns are upon us and hopefully go to take us through this season peacefully and we'll come out shiny at the end. My name is Kofi Bartels. Please remember that you can always follow us on social media at Plus TV Africa on Facebook, Twitter and Instagram, on YouTube, you can find us at Plus TV Africa and at Plus TV Africa Lifestyle, where our programs are live streamed every single day. Well, that's it, we will join the newsroom before the news brief at nine o'clock. Please stay with us. I am Messier Poppo.