June 8, 2023

After meeting Tinubu, oil marketers declare support for fuel subsidy removal

President Bola Tinubu

By Udeme Akpan

THE Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) yesterday in Abuja pledged its support for the Federal Government’s removal of fuel subsidies.

The association’s chairperson, Dame Winifred Akpani, who made the disclosure at the end of a meeting with President Bola Tinubu, said the association would also support the government’s palliative measures by providing between 50 and 100 mass transit buses.

Akpani said the buses would be locally manufactured and would use Compressed Natural Gas as fuel.

“We pledge our support for President Tinubu in the bold decision of removing 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,” she said.

Gov. Dapo Abiodun of Ogun, who led the DAPPMAN delegation, described the subsidy removal as a bold step that portended positive growth for the economy

He said fuel subsidy withdrawal was a clear indication of Tinubu’s readiness to address the challenges of the oil and gas sector.

“Subsidy has become a N4 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,” Abiodun said.