FORMER Minister of Petroleum and Energy, Prof.
Tamunoemi David-West, said that Nigerians
should expect sharp drop in petrol price from the
current N87 to about N40 per litre, saying, “the
president-elect, Gen. Mohammed Buhari, will
reduce the fuel pump price to N40 per litre.”
•Buhari
In a telephone interview with Vanguard , the
former minister argued that Nigeria produces
millions of barrels of crude oil daily, and if
properly harnessed will boost the performance of
the industry.
His words: “I want to assure you that by the time
he takes over, petrol will be dispensed at N40 per
litre. This is possible and he has the credibility to
make it work.
The major assignment of the president-elect when
he is eventually inaugurated is to restore
confidence to the industry.
He noted that the president-elect is familiar with
the petroleum industry, adding that he is a
straight forward person that has respect for
democratic principles.
“As military head of state, he dealt with the
Federal Executive Council with the tenets of
democracy. Buhari will build new refineries to
make petroleum products available for the
masses. No responsible government will allow the
masses to suffer.
“He will strengthen the refineries within a year. It
is possible as we won’t spend any amount in
setting up a green field refinery. We already have
a blueprint as we shall use what we have to get
what we want,” he added. He further stated that
on many occasions, the president – elect had
disclosed that the subsidy initiative is a fraud
which has distorted the progress expected in the
sector.
He is also said to have frowned at the spate of
corruption, which has characterised the subsidy
regime to include the trillions of Naira spent on
both Petrol and Kerosene subsidy within the past
few years, thus inhibiting efforts to properly carry-
out the Turn Around Maintenance TAM, for the
refineries. He added that on countless occasions,
he had argued that the country is forced to pay
for scam carried out by oil cartel.
Also contributing, a UK-based economic analyst,
Mr. Seyi Odetola, noted that the president-elect
has expressed doubts on the credibility of the
subsidy claim. He added that there may be the
need to investigate the several claims made by
marketers, which will further reinforce his earlier
submission on the subsidy claim.
According to him; “The fact that most filling
stations in the country are now dispensing
petroleum products after the presidential election,
despite the threat by major oil marketers to stop
selling the product, in view of the subsidy arrears
owed to them by the Federal Government,
indicated that most of the marketers have been
benefiting from the fraud.
Removal ofsubsidy
He argued that “Where did they get funds to
import the product, given the nature of the forex?
If after the presidential election fuel is still
available as if nothing had happened, it is then
apparent that there is no fuel subsidy. “It would
be difficult for him, to unitarily remove subsidy
without the proper consideration of the plight of
the major players in the sector.
He will need to re-appraise the cause of
inefficiency of the sector.” He further hinted that
the president-elect, with his pedigree and respect
for the rule of law, will completely phase out
importation by the time the local refineries are
working. This, according to him, will totally
remove subsidy, adding that subsidy as it is
presently constitutes the promotion of corruption
and impunity.
“I am optimistic that the president-elect will look
into the subsidy regime as soon as he finally
settles down for the business of governance. He
stressed that renewed attention will be given to
the revamping of the four refineries as well as
focus on the construction of new ones.”
He concluded that “In the long term, through the
confidence that will be restored in the
downstream and upstream sectors, investors will
be encouraged to do business which will
stimulate the growth from the level it is.
On his part, the Director, Strategic Planning,
Research Intelligent, Mr. Olubunmi Martins,
argued that the subsidy regime is riddled with
corruption, a sign post of the present
administration. He said the challenge before the
industry is the gradual restoration of the local
refineries, which will take care of the local
consumption for petroleum products.
He insisted that if activities at the various
refineries are up scaled up, subsidy will no longer
be a major concern in the country. He however
urged the president-elect to scrutinise the various
marketers, as most of the companies were
floated solely for the sake of benefiting from the
subsidy regime, thereby snowballing into cartels
that have held the sector back.
Olubunmi maintained that subsidy has distorted
all the major economic activities that should have
taken place in the country. “I am still at a loss
with the concept of the whole subsidy, what is
being subsidised and who are the beneficiaries?
But it will be unwise for the president-elect to
remove the subsidy immediately he takes over the
mantle of leadership, as such an action could
force him into a trap set by the oil cabals.
“Notwithstanding, Gen. Buhari will have to do a
complete evaluation of the sector to properly
understand areas of non-performance and take
appropriate action,” he added. http://www.vanguardngr.com/2015/04/buharill-reduce-petrol-to-n40l-david-west/

I think we should redefine this word SCAM

sai baba












chanji

Securing our Future

ani33:
I think we should redefine this word SCAM

Indeed

I want 30 naira per litre

GEJ's subsidy removal was a scam...buhari need to look in2 this subsidy issue..we don't deserve 2 pay much 4 petrol..GEJ promised to build refineries with the subsidy money,were re the refineries? Never again wil a president as decietful as Goodluck rule Nigeria again

Let GMB get to seat 1st!


And why must he be the one to announce that?











Cheers

I will be glad o cos I spend a lot to generate power in Ogun state, pls do fast abeg

Even if this is the only thing he does, Nigeria will be better for it because the masses will directly feel the impact. It will have a trickle down effect on many other things. Foodstuff, transport etc.

God bless the General.

Tanoid cry!!!, I said cry!!!

Buhari is nad MERLIN so am not expecting miracles..he should 1st solve insurqency b4 reducinq prices of gas..

Hope we will come to that before his tenure ends.

It might come down to that price but I don't think its now coz the man will meet a lot of debt on ground So he will likely wanna pay it off

May 29th seems to be too far from now. i can't wait. Where are the TANoids?

drsteroid:
GEJ's subsidy removal was a scam...buhari need to look in2 this subsidy issue..we don't deserve 2 pay much 4 petrol..GEJ promised to build refineries with the subsidy money,were re the refineries? Never again wil a president as decietful as Goodluck rule Nigeria again

"Once Upon A Time"

I will be glad o cos I spend a lot to generate power in Ogun state, pls do fast abeg

AskProf:


"Once Upon A Time"

time time

magoo10:
time time

story story

overall90:


story story

story
once upon a time

Alas! It came to pass. Fuel is even free under the cow from Daura.
Very useless idiot. Along with everyone who supports him.

Lilprincey:
Buhari is nad MERLIN so am not expecting miracles..he should 1st solve insurqency b4 reducinq prices of gas..

You're gifted with the spirit of seeing into the future. Our collective hope has been shattered!

Lilprincey:
Buhari is nad MERLIN so am not expecting miracles..he should 1st solve insurqency b4 reducinq prices of gas..

He ended up not solving either but only made them worse like we told y'all and TAM DAVID west has ran away

drsteroid:
GEJ's subsidy removal was a scam...buhari need to look in2 this subsidy issue..we don't deserve 2 pay much 4 petrol..GEJ promised to build refineries with the subsidy money,were re the refineries? Never again wil a president as decietful as Goodluck rule Nigeria again

Those that were scammed.

FF to 2021; we need to invite West to hear what other side of his mouth have to say.

drsteroid:
GEJ's subsidy removal was a scam...buhari need to look in2 this subsidy issue..we don't deserve 2 pay much 4 petrol..GEJ promised to build refineries with the subsidy money,were re the refineries? Never again wil a president as decietful as Goodluck rule Nigeria again

Chronic zombiesm didn't start today.Just imagine how someone has been mummified a long time ago.Fela Kuti really saw Buhari and his zombies.

Hehehe

Tam David is dead yet his lies live after him