Major Oil Marketers support Tinubu on subsidy removal

 ......as Tinubu directs NEC to work on interventions 

President Bola Tinubu has directed the National Economic Council, NEC, led by Vice President Kashim Shettima to begin the process of working on interventions to ameliorate the impact of subsidy removal on the people. 

This is as the major oil marketers have donated 100 mass transit buses worth N10 billion to the federal government to cushion the effect of subsidy removal.

Governor of Ogun State, Dapo Abiodun, stated this after leading some major oil marketers on a courtesy call on President Bola Tinubu at the Presidential Villa, Abuja. 

Briefing State House correspondents after the courtesy call, the governor said the marketers were in the presidential villa to express solidarity with the president for his bold decision to end subsidy payment.

He noted that Tinubu’s action showed his determination and courage to remove the hermorage that had bedeviled the country for decades.

He said the country was spending about N4 trillion annually on subsidy, which henceforth should be taken to the Federation Account Allocation Committee, FAAC for sharing among three tiers of government.

The governor said that while there would be some discomfort on the part of the people, the move would eventually pay off as there can be no gains without pains.

Dame Winifred Akpani, Chairman DAPPMAN, said the courtesy visit was to express the major oil marketers utmost support to the federal government.

She said that they were aware of the difficulties the subsidy removal has created in the country, expressing optimism that it was going to reposition the country.

She noted that Nigeria in the first three months of 2023 has spent over N2 trillion, adding that if it continued with the payment, by the end of the year, I may spend about N7 trillion.

Mrs. Akpani said through subsidy, Nigeria has been feeding her neighbouring countries, adding that it can no longer subsidise fuel for African countries while its economy continues to bleed.

The marketers announced their intention to donate 50 to 100 mass transit buses as a way to help the success of the initiative, hoping that others well meaning corporate bodies can do the same.