• Oil & Gas - News
  • Updated: June 08, 2023

President Tinubu Urges Oil Marketers To Cooperate With Government On Subsidies

President Tinubu Urges Oil Marketers To Cooperate With Gover

Bola Tinubu

President Bola Tinubu has asked Nigeria's top oil marketers to collaborate with his administration in order to address the requirements and wants of Nigerians following the elimination of fuel subsidies.

The president issued the clarion plea at a meeting with leaders of major oil marketers' associations on Wednesday at Aso Rock Villa in Abuja.

They discussed how to ensure a steady supply of petroleum goods throughout the country, according to him.

Governor Dapo Abiodun of Ogun State led the oil traders.

The president stated on Facebook that his government is dedicated to honest oil marketing.

“At a meeting yesterday with representatives of major oil marketers’ associations, in the course of the discussions, I emphasized my administration’s total commitment to a competitive, stable and transparent oil market and challenged the marketers to work with the government to ensure regular supply and convenient access to fuel products across the country at the lowest possible price,” Tinubu disclosed.

The President announced the termination of petrol subsidy payments during his inaugural speech on May 29 at Eagle Square in Abuja.

He said that the previous administration of Muhammadu Buhari did not include subsidies in the 2023 budget beyond June.

Following his meeting with the oil marketers, President Buhari asked the National Economic Council (NEC), chaired by Vice President Kashim Shettima, to devise a strategy and begin working on measures to offset the impact of subsidy reduction on Nigerians.

Dapo Abiodun, Governor of Ogun State, announced this after leading some big oil marketers on a courtesy visit, saying the marketers voiced sympathy with the President for reducing the 4 trillion naira subsidy burden, a move that can increase FAAC allocation to states.

Governor Abiodun, a former chairman of the Oil Marketers Association, told reporters that a group of marketers who visited the president on Wednesday expressed their desire to provide fifty to a hundred '50-seater' public transit vehicles to serve the populace.

This is projected to cost roughly 100 million naira each person and 10 billion naira in total to mitigate the impact of the subsidy reduction during the next 30 days.

The marketers stated their hope that more corporations will follow suit.

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