Oshiomhole Outlines Strong Arguments For Tinubu’s Removal Of Fuel Subsidy As IPMAN Endorses Jagaban
Yesterday at the APC Presidential Campaign Secretariat in Abuja, the leadership of the Independent Petroleum Marketers Association of Nigeria, IPMAN, endorsed Asiwaju Bola Tinubu, the party’s candidate for president.
The Association, led by its Vice Chairman, Comrade Zarma Mustapha, listed many of Tinubu’s achievements as Lagos State Governor as well as their reasons for endorsing his candidature, and pledged their full support for his presidential bid.
Former Edo State Governor and former NLC President Adams Aliyu Oshiomhole, who represented Tinubu at the historic event, thanked the independent petroleum marketers for their unwavering support for Tinubu’s presidential bid, which he said is based on their confidence in his performance.
Oshiomhole, who recalled how he had previously fought against the removal of fuel subsidies due to their corrupt practices, however, provided compelling justifications for why he has become a proponent of the removal of oil subsidies in recent times.
Complete deregulation of the downstream sector, he claims, would have a positive economic impact and accelerate the nation’s unprecedented developmental growth in all areas.
For example, the 5% of Nigeria’s total budget that was then used to guarantee subsidies was reasonable because the remaining 95% that the FG controlled was sufficient to run the country effectively. Unfortunately, Nigeria has moved from that state to one in which the FG now spends between 6 and 7 trillion Naira to fund subsidies.
Now the country borrows to import and then continues to subsidize the same fuel it imports, resulting in massive fraud and inefficiency in the oil industry that is no longer sustainable.
He claims that independent marketers have the right to operate in the market without having to rely on the NNPC to allocate fuel to them in order for them to sell their products.
He asserts that he once advocated for the removal of oil subsidies and then canvassed for the demand for appropriate wages in anticipation of the consequences of the subsidy withdrawal.
In order to sell their products, independent marketers would instead rely on their business acumen rather than their connections within the NNPC, which is one of the benefits of eliminating fuel subsidies.
It also encourages more indigenous participation from independent marketers while also allowing Nigeria to account for its oil exploration.
Subsidies removed, Nigeria can generate more revenue for unprecedented growth without borrowing new funds. More good roads , faster transportation and more infrastructure would lead to the prosperity of all businesses.
APC PCC Secretary Rt. Hon. James Faleke, PCC Director of Finance Mr. Wale Edun, Pastor Osagie Ize-Iyamu, as well as other notable PCC members, were present to receive the leadership of IPMAN alongside Oshiomhole.