The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), on Wednesday in Abuja, pledged its support for the federal government’s removal of fuel subsidy.
The Association’s chairperson, Winifred Akpani, who made the disclosure at the end of a meeting with President Bola Tinubu, said members will also support the government’s palliative measures by providing between 50 and 100 mass transit buses.
Ms Akpani said the buses, estimated to cost about ₦100 million each and ₦10 billion cumulatively, would be locally manufactured and would use compressed natural gas (CNG) as fuel.
The marketers promised to commence the mass transit programme within the next 30 days, and expressed the hope that other corporate bodies will follow suit.
“We pledge our support for President Tinubu in the bold decision of removing petrol subsidy. It is an idea that was long overdue.
“Removal of subsidy is not about making fuel costly and taking it out of the reach of Nigerians. It is about getting it right on the real issue of petroleum product subsidy.
“Who are those enjoying the subsidy? The subsidy ends up being enjoyed by those it was not meant for.
“We also spoke to the president about substitutes to petrol as well as creating an environment conducive for investments to thrive in the oil sector,” she said.
The National Economic Council will soon begin sitting to propose interventions on the subsidy removal. The interventions will definitely be long-lasting solutions to reduce the effect of fuel subsidy removal on Nigerians.
Ogun State Governor, Dapo Abiodun, who led the DAPPMAN delegation, described the subsidy removal as a bold step that portends positive growth for the economy
He said fuel subsidy withdrawal was a clear indication of Tinubu’s readiness to address the challenges of the oil and gas sector.
“Subsidy has become a N4 trillion per annum issue and its removal will release more funds for economic development.
“Subsidy removal will unleash the potential of Nigeria, because it will open up a lot of resources for the development of other sectors of the economy.
“The National Economic Council will soon begin sitting to propose interventions on the subsidy removal. The interventions will definitely be long-lasting solutions to reduce the effect of fuel subsidy removal on Nigerians,” Mr Abiodun said. (NAN)
