FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop by petrol price from the present N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”
The former minister argued that Nigeria produces many barrels of petroleum 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 are going to be dispensed at N40 per litre. this is often possible and he has the credibility to form it work. The major assignment of the president-elect when he's eventually inaugurated is to revive confidence to the industry.
He noted that the president-elect is conversant in the petroleum industry, adding that he's a simple person who has respect for democratic principles.
“As military head of state, he addressed the Federal council with the tenets of democracy. Buhari will build new refineries to form petroleum products available for the masses. No responsible government will allow the masses to suffer.

“He will strengthen the refineries within a year. it's possible as we won’t spend any amount in fixing a green field refinery. We have already got a blueprint as we shall use what we've to urge what we would like ,” he added. He further stated that on many occasions, the president – elect had disclosed that the subsidy initiative may be a fraud which has distorted the progress expected within the sector.

He is also said to possess frowned at the spate of corruption, which has characterised the subsidy regime to incorporate the trillions of Naira spent on both Petrol and Kerosene subsidy within the past few years, thus inhibiting efforts to properly carry-out the rotate Maintenance TAM, for the refineries. He added that on countless occasions, he had argued that the country is forced to buy scam administered by trust .
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 could also be the necessity to research the several claims made by marketers, which can further reinforce his earlier submission on the subsidy claim.

According to him; “The incontrovertible fact that most filling stations within the country are now dispensing petroleum products after the presidential election, despite the threat by major oil marketers to prevent selling the merchandise , in sight of the subsidy arrears owed to them by the federal , indicated that the majority of the marketers are taking advantage of the fraud.

Removal of subsidy; He argued that “Where did they get funds to import the merchandise , given the character of the forex? If after the presidential election fuel remains available as if nothing had happened, it's then apparent that there's no fuel subsidy. “It would be difficult for him, to unitarily remove subsidy without the right consideration of the plight of the main players within the sector.

He will got to re-appraise the explanation for inefficiency of the world .” He further hinted that the president-elect, together with his pedigree and respect for the rule of law, will completely end importation by the time the local refineries are working. This, consistent with him, will totally remove subsidy, adding that subsidy because it is presently constitutes the promotion of corruption and impunity.

“I am optimistic that the president-elect will check out the subsidy regime as soon as he finally settles down for the business of governance. He stressed that renewed attention are going to be given to the revamping of the four refineries also as specialise in the development of latest ones.”
He concluded that “In the future , through the arrogance which will be restored within the downstream and upstream sectors, investors are going to be encouraged to try to to business which can stimulate the expansion from the extent it's .

On his part, the Director, Strategic Planning, Research Intelligent, Mr. Olubunmi Martins, argued that the subsidy regime is riddled with corruption, a symbol post of this administration. He said the challenge before the industry is that the gradual restoration of the local refineries, which can lookout of the local consumption for petroleum products.

He insisted that if activities at the varied refineries are up scaled up, subsidy will not be a serious concern within the country. He however urged the president-elect to scrutinise the varied marketers, as most of the businesses were floated solely for the sake of taking advantage of the subsidy regime, thereby snowballing into cartels that have held the world back.

Olubunmi maintained that subsidy has distorted all the main economic activities that ought to have taken place within the country. “I am still at a loss with the concept of the entire subsidy, what's being subsidised and who are the beneficiaries? But it'll be unwise for the president-elect to get rid of the subsidy immediately he takes over the mantle of leadership, intrinsically an action could force him into a trap set by the oil cabals.
“Notwithstanding, Gen. Buhari will need to do an entire evaluation of the world to properly understand areas of non-performance and take appropriate action,” he added.

Source: https://clitnets.com/newscon.php?id=43

Reality Check

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