Oil marketers declare support for subsidy removal after meeting with Tinubu

Oil marketers, under the aegis of the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), have thrown their weight behind President Bola Ahmed Tinubu's administration's decision to discontinue the fuel subsidy regime.

The marketers, who pledged their support after a meeting with the President at the State House on Wednesday, June 7, 2023, also committed themselves to contribute to the government's palliative measures by making available between 50 and 100 mass transit buses.

This was disclosed by the association's Chairperson, Dame Winifred Akpani while speaking with State House correspondents after meeting with Tinubu.

According to Akpani, the planned mass transit buses will be locally manufactured and be powered by Compressed Natural Gas (CNG) as fuel.

She said, “We pledge our support for President Tinubu in the bold decision of removing the petrol subsidy. It is an idea that was long overdue.

“Removal of subsidy is not about making fuel costly and taking it out of the reach of Nigerians. It is about getting it right on the real issue of petroleum product subsidy.

“Who are those enjoying the subsidy? The subsidy ends up being enjoyed by those it was not meant for.

“We also spoke to the president about substitutes to petrol as well as creating an environment conducive for investments to thrive in the oil sector.’’

Also speaking, Ogun State Governor, Dapo Abiodun, who led the DAPPMAN delegation, described fuel subsidy removal as a bold step needed to free the oil downstream sector of the decades-long encumbrances that inhibited economic growth.

He stressed that the subsidy withdrawal reflects the President's unflinching commitment to tackle the challenges that have bedevilled the country's oil and gas sector.

Abiodun said, “Subsidy has become a ₦4 trillion per annum issue and its removal will release more funds for economic development.

“Subsidy removal will unleash the potential of Nigeria because it will open up a lot of resources for the development of other sectors of the economy.

“The National Economic Council will soon begin sitting to propose interventions on the subsidy removal.

“The interventions will definitely be a long-lasting solution to the effect of fuel subsidy removal on Nigerians."