An expert in the petroleum downstream sector; Mr Dare Osamo, has called on the President-elect; Asiwaju Bola Ahmed Tinubu, to take a bold step that will be beneficial to the average Nigerians over the fuel subsidy removal, and use the proceeds from the savings judiciously.
Osamo made the call, while speaking with newsmen on his expectations from the incoming administration of Asiwaju Tinubu, noting that the current subsidy payment by the government was only beneficial to a few individuals who were already financially buoyant and were feeding fat on it at the detriment of the nation.
The Industry expert also spoke on the impact of the newly inaugurated Dangote Refinery on the Nigerian economy, describing the Tinubu administration as lucky.
Osamo, however, advised the new government to embark on massive orientation among her citizens to sensitize them on the benefits of subsidy, expressing his displeasure at the huge communication gap between the government and the general public over the subsidy issue.
He stressed that Nigerians should not panic over the planned subsidy removal but should be more concerned about the futuristic benefits that could be derived from the policy, even as urged the new administration to embark on the policy with sincerity of purpose and for the benefit of the populace.
According to him, such include the construction of roads, schools, hospitals and other basic amenities amongst other.
On the new Dangote Refinery, which was commissioned by President Muhammadu Buhari a few days ago, Osamo said, from a commercial standpoint, the project would be beneficial to Nigerians, especially through product availability.
“Nigerians consume millions of litres of PMS, AGO, Gas fuel and Jet fuel daily, the refinery will make the product available. We all know the impact of a shortage of this product on our economy, how we lose man hours due to shortage. The project will make the product more available locally.
“There will be forex availability for the other sector of the economy. We all know that the importation of products accounts for 70% of the forex need of the country, but with this refinery, the FX will be preserved and made available to other productive sectors like agriculture, manufacturing, etc. The FX availability will improve the economy and boost our currency,” he said.
The energy expert also reiterated the impact of the operational cost, saying it would reduce the general operational cost of individual small-scale businesses and large enterprises.
He posited that getting these products at reduced prices would impact their operational cost and increase profitability in the long run, urging the government to take the security of the assets seriously.
“The government must secure the project against external and internal aggression, the waterways, the land and adjoining facilities must be protected. Expatriates are working there, locals are also working there, and those are some of the ways to support the project.
“Government policies must be right, their policies must not be in direct competition with the project, they must be policy sensitive, all their policies must be in support. There must not be any policy summersault, they must be conscious of this investment and make the operating environment friendly,” Osamo said.
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