IPMAN explains why fuel subsidy removal is important to Nigeria’s economy

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said subsidy removal is very important to Nigeria economy.

IPMAN spokesperson Yakubu Suleiman on Channels Television’s Sunrise Dailyprogramme on Wednesday said the move is the only way to make Nigeria great.

During his inaugural speech after he was sworn in on Monday, President Bola Ahmed Tinubu announced the removal of fuel subsidy.

“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,” Tinubu said.

“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’s announcement saw the return of fuel queues and Nigerians forced to buy a litre of petrol between N550 and N650.

“IPMAN’s position is that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is supporting or has supported the deregulation of the industry,” Suleiman said.

“Removing subsidy is the only answer to make Nigeria great because there is no country that can survive without deregulating the economy.

“We really applaud Mr President for having the courage to announce the removal of subsidy.”

Suleiman said former President Muhammadu Buhari announced subsidy removal by not making provision for it beyond June 2023 in the budget for this year.

He said refined petrol without subsidy payment will come into force by July and not June. He maintained that though discussions with stakeholders are important, the way to go is subsidy removal.

Also he urged Nigerians not to engage in panic buying as petrol is sufficiently available in the country at the moment.