Subsidy removal, total deregulation, way out of PMS price instability – Oyedele Alao

The gubernatorial candidate of the Alliance for Democracy (AD) in the 2019 general elections in Oyo State, Oyedele Hakeem Alao, has said that subsidy removal and total deregulation of the oil sector is the only solution to instability in the price of Premium Motor Spirit (PMS) across the country.

Recall that the price of PMS was recently increased from N148 to about N162.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) had also directed its members in the South-West States to sell petrol at N162 per litre.

But, Alao while reacting to the price changes said the only solution to the instability in the price of petroleum across the country is to remove subsidy and deregulate the oil sector.

Alao while addressing journalists on Tuesday in Ibadan, noted that the oil sector would have been stabilized by now, had the sector been deregulated long ago.

The AD gubernatorial candidate who noted that it is sad that the current increment in the pump price of petroleum is coming at a time when COVID-19 has disrupted economic activities across the globe lamented that the funds being earmarked yearly for subsidy had always gone into private pockets.

Alao explained that it was the insincerity in the management of the four refineries in Nigeria that made it difficult for Nigerians to enjoy affordable fuel pump prices.

He said, “Removal of subsidy and total deregulation is the way Nigeria ought to have gone a very long time ago. If it had been done long ago, the oil sector regarding availability and affordable pricing would have become stabilized by now.

“It is sad the current increment in the pump price of fuel is coming at a time when COVID-19 has disrupted the economic activities of everybody around the world.

“In line with the deregulation system, the petrol price would be varying on a monthly basis as it has been done in other countries where there is full deregulation.

Alao also advised Governor Seyi Makinde of Oyo state to take advantage of the agrarian nature of the state by investing heavily in the agriculture sector, utilizing crops like cashew, cassava, maize and mango to drive the industrial sector of the state.

He lamented that it is a pity that a lot of people who got to power did not understand the running of government, especially the government financial transactions and all that are involved because they never engaged in due diligence before they got to office.

“Implementation is always the problem, both the leaders and the followers have attitudinal problems and until we all change from this corrupt lifestyle, indiscipline, the nation cannot move forward”.

Be the first to comment

Leave a Reply

Your email address will not be published.