MOMAN Chairman Commends FG for Deregulating, Supports Freedom to Import Fuel

The deregulation of the petroleum downstream industry and the unification of foreign exchange rates by the Federal Government have been praised by Olumide Adeosun, the Chairman of the Major Oil Marketers Association of Nigeria (MOMAN).
Adeosun, the chief executive officer of Ardova Energy, admitted that the problems with currency exchange and fuel subsidies had been resolved, but he insisted that there were still other difficulties that need addressing.
A sustained welfare programme for Nigerians is essential, Adeosun underscored during an interview on Tuesday in Lagos.
He emphasised the value of productivity in the growth of the nation and urged the administration to solve problems like insecurity, boost output in the oil and gas industry, and lower the rate at which food and transportation prices are increasing.
Adeosun also praised the formation of a committee on tax reform and fiscal policy and urged the government to rethink the 7.5% VAT on fuel since it will put more weight on Nigerians.
Until the effects of the increase in petrol prices are lessened, he recommended postponing the VAT on diesel.
Adeosun encouraged the government to take into account transit subsidies and address problems including insecurity, crude oil theft, and fuel and electricity subsidies.
He added that MOMAN members have the ability to import petrol into the nation and that importation permits are renewed every three months.
The balanced wind-down of NNPCL imports as the private sector assumes the burden and local refineries are brought on board will be the challenge to importation, he continued.
“The reality is that many of us have importation licenses that have never lapsed. We renew them on a quarterly basis via the NMDPRA portal.
Adeosun also underlined the necessity for imports and delivery operations to be efficient in order to make up for the deficiencies in exchange rates.
He urged the government to put in place beneficial regulatory frameworks, offer financial incentives for renewable energy projects, and promote the growth of clean technology R&D.
“By embracing alternative fuels and renewables, governments are not only leading the way towards a greener and more resilient future but also fostering innovation, job creation, and energy security for our country,” he said.

Source: Allnews Nigeria

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