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IPMAN Rejects Tinubu’s Subsidy Removal Plan

Published

2 years ago

May 30, 2023

Eric

The Independent Petroleum Marketers Association of Nigeria has opposed the plan by President Bola Tinubu to enforce his predecessor’s decision to remove fuel subsidy by June ending.

Tinubu had earlier on Monday, in Abuja, affirmed that his administration would not continue to pay subsidy on petroleum products.

He said given the high opportunity cost the Federal Government was suffering to fund subsidies, it was no longer justifiable to continue.

“The fuel subsidy is gone!” Tinubu exclaimed during his inaugural address at Eagle Square, Abuja, shortly after he was sworn-in as the 16th President of Nigeria.

The President said “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.”

Tinubu said since there was no provision for subsidy in the budget from June 2023, and it stands removed.

On his economic agenda for the next four years, Tinubu said his administration would target a minimum annual GDP growth of six per cent. To do this, the new government will enact budgetary and tax reforms that will boost the economy and address multiple taxation that stymies foreign direct investment.

“On the economy, we target a higher GDP growth and to significantly reduce unemployment. We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted.

“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.”

To foreign and local investors, he said “Our government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.”

However, reacting on Monday, IPMAN said it was opposed to the new president’s subsidy removal plan

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, said the new government should dialogue with marketers before taking the decision to remove subsidy.

“We are not in support of the removal of fuel subsidy at this time. We have said it repeatedly that our refineries should be fixed before taking such decision that will cause galloping inflation and inflict more hardship on the masses.

“The government of President Tinubu should not adopt what is in the transition document handed over to it by the administration of former President Muhammadu Buhari. Someone (Buhari) who for eight years did not remove subsidy is advising a new government to remove it.

“That is not fair and should not be adopted. Rather the new government should sit and discuss with marketers and other stakeholders on how to manage the fuel subsidy regime. We now have the Dangote Refinery, but all our refineries are still not working, so we don’t think removing subsidy is the right thing to do now,” Ukadike stated.

He said IPMAN was ready to work with the new government and would proffer measures to address the fuel subsidy regime, instead of effecting an outright halt in subsidy.

When contacted to state their position on the issue, the Petroleum and Natural Gas Senior Staff Association of Nigeria stated that it would not comment on the development now, as it was currently studying the new administration.

“We wouldn’t want to comment on the fuel subsidy removal matter now because we are still studying the situation and the new government of President Tinubu,” the General Secretary, PENGASSAN, Lumumba Okugbawa, stated.

While IPMAN insisted that subsidy should not be removed without the repairs of Nigeria’s refineries, the Major Oil Marketers Association of Nigeria maintained its position that fuel subsidy should stop.

The Executive Secretary, MOMAN, Clement Isong, said Nigeria was burning its earnings by paying trillions as subsidy on petrol.

“Currently, we are told that this year that we are to spend about N6tn on subsidy. I am sure that in our hearts we all know that if we invested that N6tn in sustainable programmes, it will grow the economy. It is a better way to go than to burn it in fuel subsidy. We all know this,” he stated.

The Punch

Featured

Obi Employs Sarcasm, Mocks Tinubu on Prevailing Hardship

Published

1 hour ago

March 14, 2025

Eric

Labour Party’s 2023 presidential candidate, Peter Obi, has taken a swipe at President Bola Tinubu, sarcastically praising him for fulfilling his promise to continue where former President Muhammadu Buhari left off.

Speaking during a visit to Governor Bala Mohammed in Bauchi on Thursday, Obi criticized the current administration’s handling of the economy, stating that Nigeria must now move beyond ethnic and religious politics to focus on competence and capacity.

“Tinubu promised to continue where Buhari stopped. If you look at it, Buhari left the dollar at about N400, today it is about N1,500. Rice was about N40,000, it is now over N100,000. Fuel was about N300, it is now over N1,000. I can go on and on—everything has doubled and tripled. So, he has done exactly as he promised,” Obi remarked.

Obi contrasted Nigeria’s economic performance with that of Indonesia, citing how their government transformed the country’s economy over the past decade.

“In Indonesia, a president was sworn in about the same time as another one in Nigeria. Ten years later, Indonesia moved their GDP from $800 billion to $1.3 trillion, and their per capita income from $3,000 to $5,000.

Here in Nigeria, our GDP fell from $500 billion to $200 billion, and per capita income dropped from $3,500 to below $2,000—that is the difference,” he explained.

He further emphasized the need to revive Nigeria’s industries, invest in education and healthcare, and steer the nation towards productive governance.

Obi stated that his meeting with Governor Bala Mohammed was part of a broader discussion on addressing the country’s challenges.

“We have just started discussions. You can’t consummate a marriage in one day. But the most important thing is that our thoughts are centered on issues that affect the ordinary Nigerian.

We want a Nigeria where a child of nobody can become somebody. We will eliminate the elite conspiracy that uses tribalism and religion to divide the people. We have voted for tribe and religion before; now, we must vote for competence and capacity,” Obi declared.

Governor Bala Mohammed affirmed that their collaboration transcends party lines, religious affiliations, and geopolitical interests for the betterment of Nigeria.

“Our collaboration is beyond party, religion, and personal interests. The government in power thrives on division, but we will use knowledge, strategy, and unity to build a better Nigeria,” the governor stated.

Obi’s visit signals a growing political alliance among opposition figures, with a focus on economic recovery, national unity, and leadership accountability ahead of future elections.

Featured

Fubara Bows to Pressure, Invites Pro-Wike awmakers to Peace Meeting

Published

4 days ago

March 10, 2025

Eric

Rivers State Governor, Sir Siminialayi Fubara has extended an olive branch to lawmakers loyal to his rival, Nyesome Wike.

The governor invited the Amaewhule-led House of Assembly members to a peace meeting, following the Supreme Court’s judgement on the state’s political unrest.

The invitation was made through a letter from Dr. Tammy Danagogo, Secretary to the State Government, to Speaker Martins Amaewhule.

The meeting is scheduled for Monday at 10 am at the Government House in Port Harcourt.

The agenda includes addressing lingering issues, presenting the 2025 state budget, and discussing payment of lawmakers’ allowances.

The letter read: “I hereby write in furtherance of His Excellency’s promise stated in my letter dated 5th March 2025 to notify you that His Excellency has received the Supreme Court Judgment, and has therefore directed me to invite you and your colleagues -the Honourable members of Rivers State House of Assembly, to a meeting to discuss:-

“Provision of a befitting space for the Assembly’s sittings. Payment of all outstanding remuneration or allowances of the Honourable members. Presentation of Budget and sundry matters;

“Any other matter(s), as may be necessary, to chart the way forward in the best interest of the State. Sequel to the above, I hereby humbly invite the Rt. Hon. Speaker, and all the Rivers State House of Assembly members to a meeting with the Governor as follows.”

Featured

Rivers Lawmaker Rejects Fubara’s Invitation for Peace Meeting

Published

4 days ago

March 10, 2025

Eric

A member of the Rivers State House of Assembly, Lolo Isaiah Opuende, has dismissed an invitation from Governor Siminialayi Fubara for a crucial meeting at the Government House, Port Harcourt, on Monday.

In an online video, Opuende stated that it was time for the governor to “dey his dey” (be on his own) while the lawmakers would do the same.

Representing Akuku-Toru Constituency 2, Opuende recalled that when the political crisis began, their principal had warned that a time would come for both sides to go their separate ways.

He also questioned the mode of invitation transmission, arguing that it is not feasible for lawmakers to honor the governor’s request.

“How can you write a letter for the House of Assembly and put it on social media and expect us to come? The governor should write us the proper way,” he insisted.