Buhari’ll reduce petrol to N40/L —David-West

FORMER Minister of Petroleum and Energy, Prof. Tamunoemi David-West,
said that Nigerians should expect sharp drop in petrol price from the current
N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed
Buhari, will reduce the fuel pump price to N40 per litre.”
In a telephone
interview with
Vanguard, the former
minister argued that
Nigeria produces
millions of barrels of
crude oil daily, and if
properly harnessed will
boost the performance
of the industry.
His words: “I want to
assure you that by the
time he takes over,
petrol will be
dispensed at N40 per
litre. This is possible
and he has the
credibility to make it work.
The major assignment of the president-elect when he is eventually
inaugurated is to restore confidence to the industry.
He noted that the president-elect is familiar with the petroleum industry,
adding that he is a straight forward person that has respect for democratic
principles.
“As military head of state, he dealt with the Federal Executive Council with
the tenets of democracy. Buhari will build new refineries to make petroleum
products available for the masses. No responsible government will allow the
masses to suffer.
“He will strengthen the refineries within a year. It is possible as we won’t
spend any amount in setting up a green field refinery. We already have a
blueprint as we shall use what we have to get what we want,” he added. He
further stated that on many occasions, the president – elect had disclosed
that the subsidy initiative is a fraud which has distorted the progress
expected in the sector.
He is also said to have frowned at the spate of corruption, which has
characterised the subsidy regime to include the trillions of Naira spent on
both Petrol and Kerosene subsidy within the past few years, thus inhibiting
efforts to properly carry-out the Turn Around Maintenance TAM, for the
refineries. He added that on countless occasions, he had argued that the
country is forced to pay for scam carried out by oil cartel.
Also contributing, a UK-based economic analyst, Mr. Seyi Odetola, noted that the president-elect has expressed doubts on the credibility of the
subsidy claim. He added that there may be the need to investigate the
several claims made by marketers, which will further reinforce his earlier
submission on the subsidy claim.
According to him; “The fact that most filling stations in the country are now
dispensing petroleum products after the presidential election, despite the
threat by major oil marketers to stop selling the product, in view of the
subsidy arrears owed to them by the Federal Government, indicated that
most of the marketers have been benefiting from the fraud.
Removal ofsubsidy
He argued that “Where did they get funds to import the product, given the
nature of the forex? If after the presidential election fuel is still available as
if nothing had happened, it is then apparent that there is no fuel subsidy. “It
would be difficult for him, to unitarily remove subsidy without the proper
consideration of the plight of the major players in the sector.
He will need to re-appraise the cause of inefficiency of the sector.” He
further hinted that the president-elect, with his pedigree and respect for the
rule of law, will completely phase out importation by the time the local
refineries are working. This, according to him, will totally remove subsidy,
adding that subsidy as it is presently constitutes the promotion of corruption
and impunity.
“I am optimistic that the president-elect will look into the subsidy regime as
soon as he finally settles down for the business of governance. He stressed
that renewed attention will be given to the revamping of the four refineries
as well as focus on the construction of new ones.”
He concluded that “In the long term, through the confidence that will be
restored in the downstream and upstream sectors, investors will be
encouraged to do business which will stimulate the growth from the level it
is.
On his part, the Director, Strategic Planning, Research Intelligent, Mr.
Olubunmi Martins, argued that the subsidy regime is riddled with corruption,
a sign post of the present administration. He said the challenge before the
industry is the gradual restoration of the local refineries, which will take care
of the local consumption for petroleum products.
He insisted that if activities at the various refineries are up scaled up,
subsidy will no longer be a major concern in the country. He however urged
the president-elect to scrutinise the various marketers, as most of the
companies were floated solely for the sake of benefiting from the subsidy
regime, thereby snowballing into cartels that have held the sector back.
Olubunmi maintained that subsidy has distorted all the major economic
activities that should have taken place in the country. “I am still at a loss
with the concept of the whole subsidy, what is being subsidised and who are
the beneficiaries? But it will be unwise for the president-elect to remove the
subsidy immediately he takes over the mantle of leadership, as such an
action could force him into a trap set by the oil cabals.
“Notwithstanding, Gen. Buhari will have to do a complete evaluation of the
sector to properly understand areas of non-performance and take
appropriate action,” he added.

he can't do it

Why saying it can't do it?
Enemy of change you are pack Wel
Change is coming

One Nigeria
BIAFRA forever

He can do it

ancl wrote:

Why saying it can't do it?
Enemy of change you are pack Wel
Change is coming

hmmm can of what u buy or not?

Wolex ib wrote:

He can do it

see u bokohar give u brieb?

peter pan wrote:

Wolex ib wrote:

He can do it

see u bokohar give u brieb?

Forget dat one

Nigeria must settel

Wolex ib wrote:

peter pan wrote:

Wolex ib wrote:

He can do it

see u bokohar give u brieb?

Forget dat one

okay o

May God Help You My President...

Amen

Amen

You Can Move Mountain If You Have Faith...

hmmm bokohari to move moutain

Thanks mr president, this is part of change

Wolex ib wrote:

Thanks mr president, this is part of change

what is part of change? While petrol is now 180 naira in enugu.

We are pulling ours legs

Hmmmmm God's Time Is The Best..

ow?

peter pan wrote:

Wolex ib wrote:

Thanks mr president, this is part of change

what is part of change? While petrol is now 180 naira in enugu.

2weeks

Wolex ib wrote:

peter pan wrote:

Wolex ib wrote:

Thanks mr president, this is part of change

what is part of change? While petrol is now 180 naira in enugu.

2weeks

2weeks of what? When people are suffrin because of no job not even money in this country.

Biafra must come in this country either with peace or war.

peter pan wrote:

Wolex ib wrote:

peter pan wrote:

Wolex ib wrote:

Thanks mr president, this is part of change

what is part of change? While petrol is now 180 naira in enugu.

2weeks

2weeks of what? When people are suffrin because of no job not even money in this country.

u no dis new president him need to arrange manytin well