DELSU VC, Professor Samuel Ogheneovo Asagba
By Cynthia Eruotor
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 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.
In a press statement signed by the Deputy Director of Ceremonials, Information and Public Relations, Delta State University, Abraka, Ese Umukoro said, the Vice Chancellor who was the Chief Host of the ceremony 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 positively through teaching and research in the Department of Economics.
Earlier in her lecture of the event 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 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.
According to the Professor of Economics who has put in over three decades of years of service said, due to 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 which in turn caused increase in prices of goods and services, as well as hardship on Nigerians.
Professor Ogisi pointed out that the debate around fuel subsidy removal is what economists referred to as ‘paradox of plenty or poverty paradox’ which is the theme of the public lecture. According to her, the removal of fuel subsidy can lead to both economic efficiency and short term hardships adding that, these can help redistribute wealth as well as distort markets and strain government’s finances.
In his lecture, Dr. Harrison Okafor, 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. Dr. Okafor who was the Guest Speaker and former student of the celebrant left the audience to be the judge of the current issues based on present situational analysis.
According to him, the removal of fuel subsidy in Nigeria has both positive and negative effects, hence it remained a paradox adding that one positive effect of fuel subsidy removal is the availability of more resources for sharing by the three tiers of government at the monthly Federal Accounts and Allocation Committee (FAAC) meeting while the negative effect is the hardship which Nigerians are now experiencing 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. In his response, Professor Peter Chukwuyem Egbon expressed joy for the public lecture organised in his honour and expressed gratitude to his academic children, mentees and friends who put the event together for him. Going memory lane, Professor Egbon said he started his lecturing career in the defunct Bendel State University, Ekpoma from where he transferred his services to Delta State University, Abraka adding that, both the good and bad experiences shaped him into who he is today.
The event which its reception ceremony was held at public lecture at the Convocation Hall of the University climaxed with a special song to offer thanks to Almighty God for the celebrant’s life just as there was colourful cultural display from Akumazi Kingdom, the country home of Professor P. C. Egbon. There was also 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.
Dignitaries present at the public lecture included 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 wishers from far and near.
Others 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, Southern Delta University Ozoro, Professor Jacob Snapp Oboreh; Rector of Delta State Polytechnic, Otefe Oghara, Professor Emmanuel Ufuophu-Biri, friends and family of the celebrant.