IPMAN urges FG on full deregulation of petroleum sector

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Yakubu Suleiman has advised the Federal Government to hasten up full deregulation of the petroleum sector to further open up the market.

Suleiman gave the advice in a telephone interview with journalists in Abuja on Saturday, as the country marked the independence.

Suleiman said having full deregulation would help in making the sector more stable.

He commended the Federal Government, especially the Nigerian National Petroleum Corporation (NNPC) limited and the Petroleum Products Marketing Company Limited (PPMC) management and other stakeholders, for their constant support.

Suleiman assured Nigerians of IPMAN’s commitment to continuous adequate supply of petroleum products across the country.

Similarly, a Financial Consultant, Mr Henry Ewa, advised the Federal Government to ensure full implementation of the Petroleum Industry Bill (PIB), which was signed into law in 2021.

Ewa said that the key objective of the PIB was to overhaul and transform the Nigerian oil and gas industry because of its significant impact on Nigeria’s economy.

“The PIB is to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of host communities,” he said.

Ewa also reiterated the need for Nigeria to urgently diversify its economy from making fuel the major source of income.

“The economy needs other sources of income. We need to look inwards.

“The government should promote our agricultural sector, review our current policies, reduce the high tax rate, help in packing and exportation.

“Make the environment favorable for foreign investors, tackle the insecurity in the country, I believe this will help,” he said.