The Federal Government has spent about N10 trn subsidising petroleum products in the last 15 years, the Major Oil Marketers Association of Nigeria has said.

MOMAN and other stakeholders, including the Depot and Petroleum Products Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria, said there was a need for full deregulation in the petroleum downstream sector.

They stated this on Thursday during the Nigeria Petroleum Downstream Consultative Summit, which was held online.

The Chairman, MOMAN, Mr Adetunji Oyebanji, described the downstream sector as pivotal and fundamental to the health of the nation’s economy.

Oyebanji is the managing director/chief executive officer of 11Plc (formerly Mobil Oil Nigeria Plc).

He said, “It is an industry that requires significant investment to improve service delivery and to generate emploiyment, to help expand and grow the economy, especially at this very trying time.

“We believe that full and total deregulation with appropriate standards and regulation in terms of consumer protection is the way to go. We believe that we need to work with the government to achieve this at the soonest possible time.”

According to him, there are adequate structures that can be put in place to ensure that the consumers are not cheated when market forces are allowed to determine prices.

Oyebanji said, “We are all interested in the future of the country as stakeholders. But we need to make the right policy decisions at the appropriate time. Nigeria cannot, as we know, continue to subsidise fuel.

https://punchng.com/n10tn-spent-on-fuel-subsidy-in-15-years-marketers/

Okk

That's why oil subsidy has to go.

14 years ago, one of Obasanjo's ministers commented that we were spending far too much on subsidy, and the man was called all sorts of names, including by people like myself.

14 years later....we have wasted trillions of naira that could have been spent on things like health, education, etc...on a subsidy. 1 trillion naira per annum. Of money we don't have.

Meanwhile, countries like Niger and Cameroon and Benin and even Sierra Leone that are poorer than us pay higher for fuel. And our marketers are busy smuggling the fuel across the border because they can't make a profit with subsidy. Investment and job creation in Nigeria is stifled because ...subsidy.

Oil subsidy must go.

Make them sell the country abeg......

Holumhidey:
Make them sell the country abeg......

To who?

CasNova:


To who?

To anybody or country wen ready to buy.....

the Ten trillion was stolen, it was not spent on subsidy

Poor people sef , so ordinary 10 trillions you are shouting thief.



Poor people ehhh

How much have been spend in the last 5 years?

That is a lot of money

Oil subsidy is a scam.