‘How Tinubu can reform energy sector’

Dare Osama, an expert in the petroleum downstream sector, has advised Bola Tinubu, president-elect, to take a bold step that will be beneficial to the average Nigerians over the fuel subsidy, and use the proceeds from the savings judiciously.

Osamo said this while speaking to newsmen on his expectations from the incoming administration of Tinubu.

He also spoke on the impact of the newly inaugurated Dangote refinery on the Nigerian economy, describing the Tinubu administration as lucky.

He said the current subsidy payment by the government is only beneficial to a few individuals who are already financially buoyant at the detriment of the nation and are feeding fat on the payment of fuel subsidy by the Federal government.

He however advised the new government to embark on massive orientation among her citizens to sensitize them on the benefits of subsidy. He expressed his displeasure at the huge communication gap between the government and the general public over the subsidy issue.

Osamo stressed that Nigerians should not panic but should be more concerned about the futuristic benefits that could be derived from the policy, such as the construction of roads, schools, hospitals and other basic amenities amongst other. He also urged the new administration to embark on the removal of petroleum subsidy with sincerity of purpose and for the benefit of the populace.

On the new Dangote refinery, Osamo said, from a commercial standpoint, the project will be beneficial to Nigerians, especially through product availability.

“Nigerians consume millions of liters of PMS, AGO, Gas fuel and Jet fuel daily, the refinery will make the product available, we all know the impact of a shortage of this product on our economy, how we lose man hours due to shortage, the project will make the product more available locally,” he said.

“There will be forex availability for the other sector of the economy. We all know that the importation of products accounts for 70% of the forex need of the country, but with this refinery, the FX will be preserved and made available to other productive sectors like agriculture, manufacturing, etc. The FX availability will improve the economy and boost our currency.”

The energy expert also reiterated the impact of the operational cost, he said, “It is going to reduce general operational cost, of individual small scale businesses and large enterprise. If they can get these products at reduced prices, it will impact their operational cost and increase profitability in the long run. He advised government to take security of the assets seriously; he said there must be security for the project, workers and the equipment.

“The government must secure the project against external and internal aggression, the waterways, the land and adjoining facilities must be protected. Expatriates are working there, locals are also working there, and those are some of the ways to support the project.

“Government policies must be right, their policies must not be in direct competition with the project, they must be policy sensitive, all their policies must be in support there must not be any policy summersault, they must be conscious of this investment and make the operating environment friendly.”