FUEL SUBSIDY: Why Nigerians should accept policy — Speaker, Lagos Assembly
By Eyo Nsima
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Ajayi Obasa, has called on Nigerians to embrace the nation’s fuel subsidy as a way of life.
Speaking at the occasion of his inauguration in Lagos, he said that despite the initial pains, the policy is needed to stimulate growth while creating many multiplier effects in the nation.
He said: “Dear Lagosians and Nigerians, issues relating to the removal of fuel subsidy have been on the front burner for some days with opposing views.
“While I understand the current plight faced by citizens, I want to urge us all to embrace this policy as it has lasting positive effects on all of us and our country.
“We can take a clue from the introduction of the mobile communications networks in Nigeria years ago and how they were beyond the reach of many citizens. Today, mobile phones are everywhere and calls are cheaper.”
Similarly, the Chairman of the Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, Dame Winifred Akpani, had also tasked the President, Bola Tinubu, to adopt measuring capable of ending the fuel crisis while achieving stability in Nigeria’s downstream sector.
Akpani, who visited the President in Abuja, Wednesday, said the downstream sector of the nation’s petroleum industry is currently haunted by many issues and problems, deserving urgent attention.
She said: “Our further humble request to the president is as follows:
1) that all dues and levies to government agencies particularly the NPA Plc and NIMASA be reduced to the barest minimum and payable in naira. This will drastically reduce the pressure on our foreign exchange rate, reserve and keep in check the pump price of petrol.
2) That all charges and taxes imposed by the regulator, NMDPRA as stipulated in the PIA 2021 be suspended until we achieve market stability.
3) That the 2.5% security deposit requested by NNPC Limited for all purchases be scrapped as they never overload marketers.
4) A revision of the clause in the PIA 2021 which restricts importation to only companies with active local refining licenses and /or proven track records of international crude oil and petroleum products trading.
“In conclusion, we would add that stability in the petroleum industry will ultimately lead to the much-needed energy transition. We anticipate less dependence on fossil fuels which will result in more investment and faster development of gas and electricity as alternative sources of energy.
Your Excellency, we thank you once again for this opportunity and pray that our beloved nation will experience sustainable growth and economic prosperity under your astute leadership may God bless the Federal Republic of Nigeria.”
