Some stakeholders in the oil and gas industry have backed President Muhammadu Buhari on the removal of subsidy on Premium Motor Spirit (PMS), also known as petrol.
The stakeholders spoke in separate interviews with the News Agency of Nigeria (NAN) in Lagos while reacting to the President’s 60th Independence Anniversary live broadcast.
The President justified the recent removal of petrol subsidy which had led to an increment in the pump price of the product.
Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr Tunji Oyebanji, said the removal of the subsidy which had led to the full deregulation of the market was best for the country.
Oyebanji said: “For me, I think it is long overdue and it is not the best use of Nigeria’s money as alternative forms of energy are coming up every day.
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“So, it is better we use the money to build infrastructure and put other things in place because crude oil is not going to last forever.
“What we now need to do is consolidate on the gains and make sure the money saved from subsidy removal is used for developmental purposes; and we are confident that under President Buhari’s leadership, this will be the case.”
President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, said he was fully in support of President Buhari’s explanation.
Okoronkwo said that this was the right time to open up Nigeria’s oil and gas industry for investors, stressing that this could not be done under a subsidy regime.
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