Financial Energy Review
…….. by Ben Ndubuwa…….
The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) on Wednesday in Abuja pledges to support the Federal Government’s removal of fuel subsidy with Autogas Mass Transit Bises
The association’s chairperson, Dame Winifred Akpani, made the disclosure at the end of a meeting with President Bola Tinubu.
She said the association would support 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 long-lasting solution to the effect of fuel subsidy removal on Nigerians,’’ Abiodun said.
