President Bola Tinubu has urged major oil marketers in Nigeria to work alongside his administration in order to address the needs of Nigerians following the elimination of fuel subsidies.
The president made this call during a meeting with representatives of prominent oil marketers’ associations at the Aso Rock Villa in Abuja on Wednesday.
The discussions centered on finding a way forward to ensure a consistent supply of fuel products in the country.
Leading the oil marketers was Governor Dapo Abiodun of Ogun State.
In a Facebook statement, President Tinubu emphasized his government’s unwavering commitment to fostering a competitive, stable, and transparent oil market.
He challenged the marketers to collaborate with the government in order to ensure regular fuel supply and convenient access to fuel products throughout the country at the most affordable prices.
During his inaugural speech on May 29 at the Eagle Square in Abuja, the President announced the removal of petrol subsidies. He highlighted that the previous administration had not allocated funds for subsidies beyond June in the 2023 budget.
Following the meeting with the oil marketers, President Tinubu instructed the National Economic Council (NEC), led by Vice President Kashim Shettima, to devise an approach and initiate interventions to mitigate the impact of subsidy removal on Nigerians.
After leading a group of major oil marketers on a courtesy visit, Governor Dapo Abiodun of Ogun State confirmed that the marketers expressed solidarity with the President for removing the 4 trillion naira subsidy burden.
This move has the potential to enhance the Federal Accounts Allocation Committee (FAAC) allocation to states.
Speaking to reporters, Governor Abiodun, a former chairman of the Oil Marketers Association, announced the group’s intention to donate between fifty and a hundred “50-seater” mass transit buses within the next 30 days.
This gesture, estimated to cost approximately 100 million naira per bus and a total of 10 billion naira collectively, aims to alleviate the impact of subsidy removal on the population.
The marketers expressed hope that other corporate entities would follow suit and emulate their philanthropic actions.