Despite the strong opposition from the labour union against the removal of subsidy now, the Major Oil Marketers Association of Nigeria ( MOMAN), has reiterated that the oil and gas industry players are ready to ensure that the forthcoming removal of fuel subsidy by the Federal Government is a success as it will impact positively on the Nigerian economy.
The chairman, MOMAN, Olumide Adeosun who is also the chief executive officer of Ardova Plc, dropped this hint while speaking at the 6th edition of the ongoing Nigeria International Energy Summit (NIES) in Abuja on Tuesday, the MOMAN Chairman who is also the Chief Executive Officer of Ardova Plc
He however stated that the government should create an enabling environment so as to ensure that those who can afford the new fuel price pay for it.
He also emphasized on the need to ensure the workability of the regime, insisting that this can be done by “creating a practical regime so that those who can afford it pay for the cost of the subsidy” he said.
The MOMAN boss added that people of lower means can be shielded from the impact of the removal. According to him, the government should ensure that those who cannot afford the cost are not segregated from economic activities.
Adeosun maintained that long before now there are various official documents containing complete set up processes and procedures of the good reasons why; there is the need to take away the regulated price regime and allow the market forces to determine the price of the product.
According to him people have had access to these documents and have been working and operating along this line not necessarily in preparation for the forthcoming removal “but because that is the standard to work towards” the MOMAN chairman said.
He urged the government to ensure that all the non-technical risk are fully taken care of as prices of public transportation are likely to skyrocket come the day of the fuel subsidy removal.
