IPMAN and PETROAN Reject Atiku's Fuel Subsidy Proposal

Former Vice President Atiku Abubakar's proposal to reinstate fuel subsidy has been rejected by two major petroleum marketers' groups in Nigeria: the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Association of Nigeria (PETROAN). IPMAN spokesperson Chinedu Ukadike and PETROAN National President Billy Gillis-Harry expressed their views in separate interviews, arguing that restoring the subsidy would not resolve the fundamental issues in Nigeria's petroleum sector.

They emphasized the need for the government to focus on rehabilitating the Port Harcourt, Warri, and Kaduna refineries and improving critical infrastructure, including pipelines and depots. Ukadike stated that enhancing local refining capacity would foster competition and stabilize petrol prices without the need for subsidies.

Gillis-Harry criticized the previous subsidy regime as a waste of resources, noting that nearly ₦2 trillion was borrowed to fund it, which could have been invested in national development. Both leaders supported President Bola Tinubu's decision to remove the subsidy on May 29, 2023.