FG to address challenge of forex availability to oil marketers

The Federal Government (FG) says concrete steps have been taken to address the main concerns of marketers, especially the issue of Foreign Exchange (FOREX) availability to oil marketers.

It said the Central Bank of Nigeria (CBN) has already taken the first step of merging all forex windows to have a unified exchange rate.

The Group Managing Director (GMD) Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, made the disclosure at a Downstream stakeholders’ meeting in Abuja.

According to him, the NNPC was not pleased with being the sole importer of the Premium Motor Spirit(PMS) stressing that: “We have taken definite steps to exit the situation. This is a definite step taken and the details would be communicated to stakeholders like MOMAN, DAPMAN, IPMAN and others outside this forum.”

In a statement issued by the NNPC Spokesperson, Dr Kennie Obateru, the GMD Kyari stated that between 2016 and 2019, the government spent N2.13trillion describing the situation as unsustainable and unprogressive.

Mallam Kyari said there were plans by the government to inject about N2.7trillion into the economy to stimulate production, stabilise the exchange rate and cushion the inflationary effect of the pump price increase.

He also revealed that in response to the concerns raised recently by members of the Nigerian Association of Road Transport Owners (NARTO) over the state of roads, especially those on the Niger State axis, the Federal Government has commenced aggressive road repair works to allay their fears.

The GMD said measures have been put in place to ensure an adequate supply of petroleum products for the end of year festivities and the projected increase in movement of people across the length and breadth of the country.

Also, Oil marketers under the aegis of Marketers Association of Nigeria (MOMAN) and other stakeholders in the Downstream Sector of the Nigerian Oil and Gas Industry, threw their weight behind deregulation of the sector.

This was even as they noted that the era of subsidy was not beneficial to anyone.

The statement quoted MOMAN’s President, Mr Tunji Oyebanji, as stating that the Federal Government has displayed utmost pragmatism by applying economic solutions to the age-long challenges in the Downstream rather than the political solutions applied in the past which were not sustainable.

ALSO READ: FG in desperate move to stop nationwide strike

He commended the NNPC leadership in extending the engagement to leaders of oil workers’ unions who have always been opposed to deregulation and called for the adoption of a different approach in addressing the issues.

“This is the first time we are having NUPENG and PENGASSAN in the meeting. This underlines the style of the GMD, I commend him. We can’t do the same thing over and over again and expect a different result,” the stated quoted him as saying.

On her part, the Vice President of Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Hajia Amina Maina, said the subsidy regime was of no benefit to anyone.

In his remarks, the Director of the Department of Petroleum Resources (DPR), Mr Sarki Auwalu, who was represented by the agency’s Assistant Director, Depots, Products and Jetties, MrU89 Bashir Sadiq, said the government was interested in opening up the Downstream Sector, adding that the DPR was in support of NNPC’s initiatives in the sector.

NIGERIAN TRIBUNE

FG to address challenge of forex availability to oil marketers