The Independent Petroleum Marketers Association of Nigeria (IPMAN) has established that it backs the Federal Government’s decision to remove subsidy on Premium Motor Spirit (PMS) by 2022.
This was made known by IPMAN’s President, Mr Chinedu Okoronkwo, in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos
He added t that the Petroleum Industry Act (PIA) signed into law by President Muhammadu Buhari on August 16 has no provision for subsidy.
Okoronkwo stated that as marketers, they have always advised the government to remove petrol subsidy because it is not in the interest of the development of the downstream sector.
He said, “We welcome the decision of the government to stop subsidising petrol by 2022 and we are hoping it will attract more investments to the sector, especially with the passage of PIA.
What we want is that a level playing field be provided for everyone in the sector to encourage competition once the subsidy is removed.”
He urged the FG to reinvest savings from subsidy into other areas including healthcare, education, and agriculture.
Meanwhile, Mr Tunji Oyebanji, immediate-past President, Major Oil Marketers Association of Nigeria (MOMAN), Managing Director of 11 Plc, faulted the plan to replace the subsidy with cash transfer to Nigerians due to lack of a reliable database in the country.
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