Mkpoikana Udoma
Port Harcourt — The Independent Petroleum Marketers Association of Nigeria has urged the federal government to suspend the planned removal of subsidy on premium motor spirit by the end of President Muhammadu Buhari’s administration.
This is as there is uncertainty on the planned removal of fuel subsidy in June 2023, as the government has in recent time made two conflicting announcements on fuel subsidy removal.
Reacting, IPMAN said it was a good move that the National Economic Council had proposed the suspension of the removal of fuel subsidy as planned by the current administration for ending of June 2023.
IPMAN Chairman in Rivers State, Dr Joseph Obele said removal of fuel subsidy when the refineries were not functioning would only compound the sufferings of Nigerians who already were facing high inflation.
Obele lamented that Nigeria’s inflation rate currently at 22.04percent has brought a lot of untold hardship upon the citizens of Nigeria with low and stagnant level of income.
“We have earlier projected that the removal of fuel subsidy when Nigeria refineries are not functional will make fuel sell above N750 per liter and it will further increase the degree of Nigeria inflation by 400percent.
“Our concern is the insinuation by Nigerians if Mr President will adopt the advice of the National Economic Council.
“Nigerians have lamented circumstances in which is was difficult for the presidency to agree to even court rulings or recommendations.
“The critical issue regarding the suspension of the removal is the fact that the 2023 budget provisions for subsidy didn’t exceed June 2023.
“We join the federal Economic council to recommend that fuel subsidy removal subsidy should be suspended until Nigeria refineries are functional, otherwise it will bring hardship to the citizens of Nigeria.
“Fuel price will be minimal when we stop importing fuel from the international market and start refinery here in Nigeria.”
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