IPMAN tackles Sanusi, el-Rufai on fuel subsidy removal

The Independent Petroleum Marketers Association of Nigeria has responded to comments by the former Emir of Kano, Alhaji Muhammad Sanusi II, and the Kaduna State Governor, Mallam Nasiru El-Rufai, fuel subsidy, saying with the current economic situation in the country, its removal will cause more hardship for Nigerians.

The IPMAN Chairman, Northern chapter, Alhaji Bashir Danmalam, stated this while addressing newsmen in Kano on Tuesday.

According to Danmalam, Sanusi, who is also former Central Bank Governor, and el-Rufai had for long been talking about the removal of subsidy at every forum they found themselves.

“What happened after the subsidy of gas (diesel) was withdrawn. The price of anything you can think of has gone up as a litre of diesel is now being sold at N850,” IPMAN chairman said.

Danmalam was reacting to Sanusi’s comments at the seventh edition of the Kaduna Economic and Investment Summit where he was full of pity for the incoming President on account of the scale of the economic challenges awaiting him, particularly the knotty issue of petroleum subsidy and debt servicing.

“The reform of the oil sector has already started by the passing of the Petroleum Industry Act by Mr President, with a 24-month transition period. The management of the NNPC must be commended for their consistency in seeing the PIA was passed and implemented to the letter,” he said.

Danmalam further said, “Today halfway through the transition period, the NNPC has completed its transition and is now a full-fledged limited liability company with strategic commanding shares in the nearly completed Dangote refinery, the largest refining in the world.

“It means that as Nigeria exits fuel subsidy, the management of the NNPC has invested wisely in local refining capacity to boost domestic consumption, eliminate importation, ease the pressure on our forex, straighten the Naira, provide jobs and boost our GDP. Mele Kyari and his team deserve commendation for their doggedness, patriotism and nationalism.

“However, the issue of removing fuel subsidies has to be gradual in order to make it effective and result-oriented for national economic growth and development.”

Speaking on the the volume of petrol being consumed in Nigeria on a daily basis, Danmalam advised the former Emir and Governor El-Rufai to visit all the depots where the product is being kept before distribution to ascertain whether it is being imported or not.

Danmalam said if the former emir and Governor El-Rufai were smart, they would have helped Kaduna State to be independent of FAAC allocation like what Tinubu and his successors did by making Lagos to survive even without FAAC allocation, but they did not.