Lagos, Aug. 1, 31, 2023: Some marketers in the oil and gas industry have commended the Federal Government’s plans to ensure adequate palliatives to reduce the effect of fuel subsidy removal on Nigerians
The marketers gave the commendation on Monday in Lagos.
Mr Mike Osatuyi, the Operations Controller of the Independent Petroleum Marketers of Nigeria (IPMAN), said President Bola Tinubu spoke well during the nationwide broadcast.
Osatuyi also commended the effort of Tinubu’s administration for saving over a trillion naira from subsidy removal within two months.
He said that the money saved should be used for all that the President numerated; such as transportation, school fees, agriculture, industry and soft loans for different people.
“It is possible for government to save eight trillion naira in the next one year if such huge amount is plunge into the system.
“It will go along way, provided the money saved is being monitored adequately and used judiciously,” he said.
Osatuyi said: ” it is a brilliant speech and speech of hope, made by the President.
“The President has said that the subsidy payment has been in the hands of few Nigerian at the expense of our economy and Nigerians and they are heartless.
“If the President can act as promised, Nigerians will believe in him and his administration.
“President Tinubu has promised to roll out buses using Compressed Natural Gas (CNG) to alleviate the suffering of Nigerians.
“Such palliative will also help in reducing the suffering of Nigerians,” he added.
The IPMAN boss acknowledged that subsidy money were being enjoyed and embezzled by the few.
He advised that states and local governments to replicate such palliatives to its citizens, to bring relief to all sundries.
“It is not easy to write what has been wronged for 40 years, let’s Nigerians exercise little patience and believe in President Tinubu.
Osatuyi said government should ensure that those committees that would be charged to implement the palliatives and what the President had promised should be people of integrity, values and know the pains of Nigerians.
Similarly, Mr Clement Isong, the Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN), said: “I believe this was the speech we have been waiting for, but it must be accompanied by a communication campaign, designed to calm tensions and build hope.
“One trillion in savings is proof of concept.
“The speech also identified where the savings will go, especially into transport, food and education!
“I am especially happy with the comment that government will intervene where exchange rates may push the cost of imported petroleum products too high,” he said.
Isong said that “a well-conceived and well written speech.
“We now need consistent communication and implementation, ” he explained.
President Tinubu said during his nationwide broadcast that for over two months, government had saved over a trillion Naira.
Tinubu said that the money will now be used more directly and more beneficially for you and your families.
According to him, for several years, he had consistently maintained the position that the fuel subsidy had to go.
“This once beneficial measure had outlived its usefulness.
“The subsidy cost us trillions of Naira, yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security,” he added.
