₦airaland Forum

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has justified its earlier request that the Federal Government authorize a N100 billion intervention fund to help stabilize the petroleum products market and make them more accessible to Nigerians.

Dr. Billy Gillis-Harry, President of the association, spoke on Arise TV’s This Morning Show on Monday about the urgent need for financial intervention to offset the high cost of business operations in the sector.

“The request for N100 billion intervention was requested because it is going to cushion the cost of money in our business. And that will make a long way to make petroleum products available and affordable to Nigerians.”

He further elaborated on the source of the proposed funds, emphasizing that the intervention could be integrated into the federal budget.

“Every year, there’s a budget, and this N100 billion is just a small fraction of it. It’s going to significantly ease our operations, especially considering that the current cost of money is between 36 and 40 percent,” he stated.

The PETROAN president stressed that the high cost of financing has placed immense pressure on petroleum product retailers, which directly impacts the prices that consumers face at the pump. The intervention fund, he argued, would provide the necessary financial relief to ensure a steady supply of petroleum products at reduced prices.

Dr. Gillis-Harry also appealed to the federal government to prioritize the request, emphasizing its potential benefits for the broader economy. “We hope the federal government will take this very seriously. It’s going to help ensure that Nigerians can access petroleum products at a much more affordable price,” he urged.

Back story

Over the weekend, the group, in a statement signed by its president urged President Bola Tinubu to approve N100 billion grant to marketers to help with job losses caused by the removal of petrol subsidy.

The statement read, in part, “PETROAN request for a grant of N100 billion from President Bola Tinubu to help prevent the closure of 10,000 marketers’ businesses.”

“The request is in response to the threat of job losses that would result from the removal of the fuel subsidy.”

• PETROAN said the recommendations will consolidate gains in the downstream sector.

• According to the association, despite the challenges experienced last year, the sector is poised for continued growth and development.

“2024 was a significant year for Nigeria’s oil and gas downstream sector, marked by deregulation, infrastructure investments, and growth in the LPG market,” PETROAN said.

Source: https://nairametrics.com/2025/01/06/we-requested-n100-billion-from-fg-to-make-petroleum-products-affordable-petroan/

Is this another form of government subsidy? To think that PETROAN can ask for this grant is ridiculous.

₦100 billion intervention

PETROAN seems to not have gotten the message... 'Subsidy is gone,' Bola A. Tinubu, May 29, 2023.

Intervention, subsidy, etc., all mean the same thing.

How is that different from subsidy?

Would you return the money back after making profits?

They have forgotten when they were ripping Nigerians off. They never wasted time to increase prices even on their old stock, now prices are coming down excuses have started.

Thieves! After making so much profit from cheating the customers

Noted.

The insatiable appetite of MAN.

If it's something the Government can do?, what's the Big deals, china, Us, England etc are paying subsidy in way or the other

Food manufacturers need this intervention more than any other.

Prices of packaged foods have skyrocketed, noodles is no longer an average man’s food. Spaghetti don cost too.

Rice importation through land borders should be open instead of enriching IBD Dende and his fellow smugglers and those corrupt Customs officials.

If Tinubu can do this he has my vote 2027

Is that not subsidy?

Kat away you

Subsidy brought so many individuals into the downstream sector of petroleum likewise end of subsidy will surely lead to the closures of those daylight thieves.

.

Awon werey.... All dis money from subsidy wetin una use am do?....no more free money

See em mouth.

Una no well, na arise nonsense tv i blame.

All those empty filling stations una dey use do runz during subsidy era, make una go convert am to something else.

Every sector will soon be asking for intervention should FH grant this one.

If they need that as a loan they should approach a commercial bank. What grant does established marketers need please?

Ole, so as to enrich a few dingbat to the detriment of mass.

If subsidies have been removed then no subsidy

Miscreants are once again calling for subsidies—yet are consumers truly complaining? If you cannot sustain your business without government handouts, perhaps it’s time to explore other ventures. Are other hardworking Nigerians relying on the government to fund their businesses? It’s baffling how some people expect special treatment in a free-market economy.

This sense of entitlement is misguided. Who will even grant these privileges to begin with? It’s time for self-reliance and accountability in all sectors.

May God bless President Bola Ahmed Tinubu for his bold reforms and vision for Nigeria.
May God bless the Federal Republic of Nigeria!

What the heck. These people are in business and should stop holding us to ransom. Seek for your loan in a financial institution and mange your business. Crooks always blackmailing the government for their personal gain

Crooks.

Seriously!
Are you guys for Real?

Please if you can't continue to do your Business please just close shop.

We have been buying fuel for 900+ and you are the one complaining, Abeg make una shift one side ooo.

Yeyenatu.

The hard truth is that petrol retail is a capital and cash intensive business.

Subsidy simply lowered the cost of entry making it an all comers affair.

Now reality is unfortunately setting in

Most of them will have to lease or partner with the majors.

Which one be #100 billion again?

Do they want to take us back to the subsidy era?

There is no more landing costs demurrage charges and taxes paid to malta government since importation of petroleum products has stopped.