{"id":149,"date":"2023-05-30T10:53:15","date_gmt":"2023-05-30T10:53:15","guid":{"rendered":"https:\/\/arritoneconsult.com.ng\/blog\/?p=149"},"modified":"2023-05-30T10:53:22","modified_gmt":"2023-05-30T10:53:22","slug":"ipmans-opposition-to-tinubus-subsidy-removal-raises-caution-from-experts","status":"publish","type":"post","link":"https:\/\/arritoneconsult.com.ng\/blog\/2023\/05\/30\/ipmans-opposition-to-tinubus-subsidy-removal-raises-caution-from-experts\/","title":{"rendered":"IPMAN’s Opposition to Tinubu’s Subsidy Removal Raises Caution From Experts"},"content":{"rendered":"\n

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed its opposition to President Bola Tinubu’s plan to enforce the removal of fuel subsidy by the end of June. <\/p>\n\n\n\n

President Tinubu stated that his administration would no longer pay subsidies on petroleum products due to the high opportunity cost incurred by the government. He emphasized that the funds previously allocated to subsidies would be redirected towards investments in public infrastructure, education, healthcare, and job creation. Tinubu also commended the outgoing administration for phasing out the petrol subsidy regime, which he believed disproportionately benefited the rich.<\/p>\n\n\n\n

In response, IPMAN’s National Public Relations Officer, Chief Ukadike Chinedu, argued that the government should engage in dialogue with marketers before making a decision on subsidy removal.<\/p>\n\n\n\n

IPMAN advocated for the repair of Nigeria’s refineries before removing subsidies, IPMAN’s Opposition to Tinubu’s Subsidy Removal Raises Caution From Experts as they believed that immediate removal would lead to galloping inflation and further hardships for the masses.<\/p>\n\n\n\n

Chinedu criticized the transition document handed over by former President Muhammadu Buhari, who had not removed subsidies during his eight-year tenure, for advising the new government to remove them. He suggested that the new government should collaborate with marketers and other stakeholders to find alternative measures for managing the fuel subsidy regime.<\/p>\n\n\n\n

The Major Oil Marketers Association of Nigeria (MOMAN), on the other hand, maintained its position that fuel subsidies should be stopped. The Executive Secretary of MOMAN, Clement Isong, highlighted the substantial costs of subsidies, stating that Nigeria was burning trillions of Naira on subsidies instead of investing in sustainable programs that could stimulate economic growth. Isong suggested that investing the subsidy funds in the economy would yield greater benefits than continuing to allocate them to fuel subsidies.<\/p>\n\n\n\n

Following President Tinubu’s announcement, fuel queues reappeared in Abuja, Lagos, and other states as motorists rushed to fill their tanks amid concerns that the removal of subsidies would cause a significant increase in the price of petrol. Oil marketers projected that the cost of petrol could rise to as much as N700 per liter once the government ended subsidies in June. Various experts and organizations have expressed their opinions on the matter. <\/p>\n\n\n\n

The Centre for the Promotion of Private Enterprise (CPPE) supported President Tinubu’s decision to unify the exchange rate and remove fuel subsidies, considering it a predictable, transparent, and sustainable policy regime that would inspire investor confidence. <\/p>\n\n\n\n

However, the Nigeria Labour Congress (NLC) criticized the announcement, stating that it was not well thought out and would negatively impact the economy. The NLC President, Joe Ajaero, argued that the move would set the country’s economy back by over 50%. The Trade Union Congress (TUC) insisted that President Tinubu should engage with organized labor before making decisions about subsidy removal to avoid causing hardship for the people.<\/p>\n\n\n\n

While some experts supported the removal of fuel subsidies, they emphasized the need for careful implementation and stakeholder engagement. Professor Uche Uwaleke, a Capital Market expert, expressed support for the move but urged caution. Professor Leo Ukpong, a professor of financial economics, agreed that the subsidy regime was unsustainable and advocated redirecting the funds towards infrastructure development and incentivizing foreign investors to build refineries in Nigeria.<\/p>\n\n\n\n

President Tinubu’s plan to remove fuel subsidies has received mixed reactions. While IPMAN’s Opposition to Tinubu’s Subsidy Removal Raises Caution From Experts without repairing refineries, MOMAN supports the discontinuation of subsidies. Fuel queues have already reappeared in some areas, and experts have called for stakeholder engagement and careful implementation of the subsidy removal.<\/p>\n\n\n\n

<\/p>\n\n\n\n

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed its opposition to President Bola Tinubu’s plan to enforce the removal of […]<\/p>\n","protected":false},"author":4,"featured_media":152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[28,1],"tags":[],"class_list":["post-149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-uncategorized"],"yoast_head":"\nIPMAN's Opposition to Tinubu's Subsidy Removal Raises Caution From ExpertsArritone Consult<\/title>\n<meta name=\"description\" content=\""Ipman's opposition to Tinubu's subsidy removal raises caution from experts. 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