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IPMAN Rejects Tinubu’s Subsidy Removal Plan
The Independent Petroleum Marketers Association of Nigeria has opposed the plan by President Bola Tinubu to enforce his predecessor’s decision to remove fuel subsidy by June ending.
Tinubu had earlier on Monday, in Abuja, affirmed that his administration would not continue to pay subsidy on petroleum products.
He said given the high opportunity cost the Federal Government was suffering to fund subsidies, it was no longer justifiable to continue.
“The fuel subsidy is gone!” Tinubu exclaimed during his inaugural address at Eagle Square, Abuja, shortly after he was sworn-in as the 16th President of Nigeria.
The President said “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.”
Tinubu said since there was no provision for subsidy in the budget from June 2023, and it stands removed.
On his economic agenda for the next four years, Tinubu said his administration would target a minimum annual GDP growth of six per cent. To do this, the new government will enact budgetary and tax reforms that will boost the economy and address multiple taxation that stymies foreign direct investment.
“On the economy, we target a higher GDP growth and to significantly reduce unemployment. We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted.
“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.
“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.”
To foreign and local investors, he said “Our government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.”
However, reacting on Monday, IPMAN said it was opposed to the new president’s subsidy removal plan
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, said the new government should dialogue with marketers before taking the decision to remove subsidy.
“We are not in support of the removal of fuel subsidy at this time. We have said it repeatedly that our refineries should be fixed before taking such decision that will cause galloping inflation and inflict more hardship on the masses.
“The government of President Tinubu should not adopt what is in the transition document handed over to it by the administration of former President Muhammadu Buhari. Someone (Buhari) who for eight years did not remove subsidy is advising a new government to remove it.
“That is not fair and should not be adopted. Rather the new government should sit and discuss with marketers and other stakeholders on how to manage the fuel subsidy regime. We now have the Dangote Refinery, but all our refineries are still not working, so we don’t think removing subsidy is the right thing to do now,” Ukadike stated.
He said IPMAN was ready to work with the new government and would proffer measures to address the fuel subsidy regime, instead of effecting an outright halt in subsidy.
When contacted to state their position on the issue, the Petroleum and Natural Gas Senior Staff Association of Nigeria stated that it would not comment on the development now, as it was currently studying the new administration.
“We wouldn’t want to comment on the fuel subsidy removal matter now because we are still studying the situation and the new government of President Tinubu,” the General Secretary, PENGASSAN, Lumumba Okugbawa, stated.
While IPMAN insisted that subsidy should not be removed without the repairs of Nigeria’s refineries, the Major Oil Marketers Association of Nigeria maintained its position that fuel subsidy should stop.
The Executive Secretary, MOMAN, Clement Isong, said Nigeria was burning its earnings by paying trillions as subsidy on petrol.
“Currently, we are told that this year that we are to spend about N6tn on subsidy. I am sure that in our hearts we all know that if we invested that N6tn in sustainable programmes, it will grow the economy. It is a better way to go than to burn it in fuel subsidy. We all know this,” he stated.
The Punch
The Edo State Governorship Election Petition Tribunal, sitting in Abuja, has
scheduled Wednesday, April 2, 2025, to deliver its judgment on the petition filed by Asue Ighodalo of the Peoples Democratic Party (PDP) challenging the victory of Governor Monday Okpebholo in the September 21, 2024, gubernatorial election.
A three-member panel, led by Justice Wilfred Kpochi, reserved judgment on March 3 after parties in the suit concluded their final arguments.
The Independent National Electoral Commission (INEC) had on September 22 declared Okpebholo of the All Progressives Congress (APC) winner of the election with 291,667 votes, defeating Ighodalo, who polled 247,274 votes, and Labour Party’s Olumide Akpata, who garnered 22,763 votes.
Dissatisfied with the outcome, the PDP and its candidate approached the tribunal, alleging widespread irregularities, including
over-voting, ballot serialisation issues, errors in collation, and miscalculations in results.
In the suit marked EPT/ED/GOV/02/2024,
Ighodalo presented a senior technical officer from INEC’s ICT department as a witness, who tendered 154 BVAS machines as evidence to substantiate claims of
over-voting.
Adopting his final address, Ighodalo further alleged that results from 765 polling units were manipulated at the collation centers and that errors in computation affected the final outcome.
He urged the tribunal to nullify the Certificate of Return issued to Okpebholo and declare him the rightful winner of the election.
A UK-based newspaper, TheNigerian News, has announced Governor Siminalayi Fubara of Rivers State as the winner of its International Peace Prize Medal Award 2023.
A statement by the company’s Chief Executive Officer, David Young, said the award is in recognition of Governor Fubara’s purposeful leadership and firm belief in democracy and the rule of law.
Young said the governor has also demonstrated outstanding performance and sterling qualities of a trailblazer with a deep commitment to the unity and progress of his people.
He noted that Fubara has shown unwavering courage amid intimidation and oppression to promote peace, harmony, and stability in Rivers State and beyond.
According to the company, the Rivers State governor understands that any political crisis would hinder his developmental plans, adding that only a man with the genuine interest of the masses will tow the path of peace.
He said, “Governor Fubara emerged among other nominees for his courage and passion for his people. An exceptional leader, he has shown an unwavering commitment to promoting peace and unity across the world.
“His dedication to improving the lives of Rivers people has earned him this well-deserved recognition. Governor Fubara is an inspiration to societies striving towards ideals of diversity, transparency, and democracy.
“We can’t over-emphasize the importance of peace in driving economic prosperity. Governor Fubara understands this simple principle.
“We, therefore, urge him to remain focused on his goals and ignore distractions. His pure and clear heart will continue to make way for him.
“We want him to see this award as a higher calling towards deeper commitment to peacebuilding in Nigeria, Africa, and the world at large.”
Fubara, has in the last couple of months been locked in bitter rivalry with his predecessor, who is the current Minister of the Federal Capital Territory (FCT), Nyesom Wike, over the control of the state.
The contest has led to resignation of most commissioners, destruction of the state House of Assembly Complex as well as the decimation of the membership of the state Assembly.
The Federal Government and states likely to feel the impact of the proposed release of huge volumes of water from the Lagdo Dam in Cameroon on Sunday advised affected residents to leave the areas to avoid impacts on human lives and valuable assets.
According to the National Emergency Management Agency officials, no fewer than 11 states including Adamawa, Taraba, Benue, Nasarawa, Kogi, Anambra, Edo, Delta, Bayelsa, Rivers and Cross River are likely to feel the negative impacts of the opening of the dam, and prevent deaths and other disasters associated with floods. These are states along the path of River Benue in Nigeria.
It was gathered on Sunday that Cameroon informed the Federal Government that it would soon open its Lagdo Dam.
The Director of the African Affairs, Federal Ministry of Foreign Affairs, Umar Salisu, said in a letter dated August 21, 2023, that the ministry received a note from the High Commission of Cameroon as regards the opening of the dam.
The letter, which was addressed to the National Emergency Management Agency, read in part, “I have the honour to inform that the ministry is in receipt of a Note Verbale from the High Commission of the Republic of Cameroon informing that Cameroonian officials have resolved to open the flood gates of the Lagdo Dam on the Benue River in days ahead due to the heavy rainfall around the dam catchment area in Northern Cameroon.”
The letter stated that it was pertinent to note that when the release of water became necessary, the authorities of the Lagdo Dam would be releasing only a modulated variable small amount of water at a time in order to mitigate and avoid damage that the released water might cause along the River Benue basin in both Cameroon and in Nigeria.
“In view of the above, it would be appreciated if the esteemed agency takes all the necessary proactive steps and actions that will mitigate the damage as well as sensitise the populace living in such areas to vigilance and all necessary precautions.”
Lagdo Dam, located 50 kilometers south of the city of Garoua on the Benue River, often releases huge volumes of water when overflowing and this leads to flooding in various states downstream of Nigeria.
Based on this development, some states to be affected by the opening of the dam confirmed on Sunday that they would demolish structures on waterways, while others earmarked some schools to serve as camps for internally displaced persons.
Officials of the National Emergency Management Agency and the Nigeria Hydrological Services Agency said 11 states were along the path of River Benue and are going to be affected by the opening of Lagdo Dam.
Although they noted that there was no cause for alarm, they named the states to include Adamawa, Taraba, Benue, Nasarawa, Kogi, Anambra, Edo, Delta, Bayelsa, Rivers and Cross River.
The Head of Media and Public Relations, NEMA, Ezikiel Manzo, said the agency had informed the state governors, adding that the states had been advised on what to do to mitigate the impact of possible floods.
“We have introduced this into all our awareness programmes and in addition to that, NEMA has written to all the governors to alert them. We have also mentioned the things that they need to do in order to mitigate the impact of the flood.
“So what this means is that with this information concerning the excess water being released from the dam, it means that all the state governments along the River Benue axis, the time has come for them to match action with the information that has been given to them in anticipation of this flood.
“And some of the things they need to do is for them to immediately monitor the people and communities along the flood pathway and begin to move them away from danger.
“They (Lagdo Dam) are just beginning the release of the water, we don’t know, but if the rain increases and the release of the water continues, it means the people will need to move quickly out of the floodplain.”
Manzo, however, stated that ‘if after this initial release we do not have much rain again, then it means they are going to stop. I’m saying this because we don’t want to send people panicking that the release means that they should run away completely from the river bank.
“But what we are saying is that the time has come for the people to be conscious of the risk that is lying beside them in terms of the likelihood that the river will overflow its bank.”
Asked to name the states that are likely to be affected, the NEMA official said, “They include Adamawa, Taraba, Benue, Nasarawa, Kogi. Then from Kogi, we have states like Anambra, Edo, Delta, and Bayelsa.”
The punch
