Oshiomhole: Tinubu ended era of overnight oil billionaires with subsidy removal

Adams Oshiomhole, senator representing Edo north, says with the removal of subsidy on petrol, President Bola Tinubu ended overnight billionaires in the oil and gas sector.

In a report by ThisDay on Sunday, Oshiomhole said removing petrol subsidy has spurred some youth with foresight to invest in impactful ventures, genuinely contributing to national economic development.

The senator spoke during the launch of A&E Mega Filling Station owned by Ayiri Emami, a chieftain of the All Progressives Congress (APC), over the weekend in Warri, Delta State.

While commending the businessman for turning “a place that is swampy” into an economic hub, Oshiomhole said it is vital that the investment was made after the removal of petrol subsidy, which ended overnight billionaires in the oil industry.

“I believe his action is a vote of confidence on the policy that President Bola Tinubu has put in place which effectively means that Tinubu has put an end to the regime that if you have a friend in the oil system they can turn you to a billionaire overnight, without effort, just by sheer favour and connection and sometimes political bias,” Oshiomhole said.

“Now with the withdrawal of subsidy, you either work, sell and prosper or you don’t and you perish.

“This is the level playing field that President Tinubu has created by the policy”.

According to Oshiomhole, for Emami to invest in Nigeria at a time many young people are leaving the country, makes him one of Nigeria’s best ambassadors in the industry.

“It is to show what the young people can do, not lamenting about not been given opportunity,” he said.

“I think Chief has shown that it is not about somebody coming to pity you and help you out and turning obstacles to opportunities. In the process you pulling people out of unemployment and putting them into work.

“There are no longer huge industries that employ thousands of people.

“Nigerians have never sat down to ask themselves how come they are not seeing the opportunities in Nigeria but the Lebanese, the Indians are coming in droves to find jobs because they have destroyed the economy in Lebanon. Let’s not cry, go for opportunities.”

Sheriff Oborevwori, governor of Delta state, represented by Vincent Oyibode, the state commissioner for oil and gas, also praised Emami for boosting the state’s economy with his investment.

“This has contributed to the economic boom of Delta state. The tank farm is a huge facility,” he said.

Oyibode said more of such investment is needed in the state because it creates multiplier effects on the economy like small-scale businesses.