April 19, (THEWILL) – The Major Oil Marketers Association of Nigeria (MOMAN), has said it is in support of the Federal Government’s plan to remove oil subsidy from June 2023.
MOMAN’s position comes amid strong opposition from mainstream labour group, the Nigeria Labour Congress (NLC) against the removal of subsidy now,
The chairman, MOMAN, Olumide Adeosun, dropped this hint while speaking at the 6th edition of the ongoing Nigeria International Energy Summit (NIES) in Abuja.
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 emphasised 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, who is also the chief executive officer of Ardova Plc, 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.
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.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
