TDF Hails Reported N6tn Gains from Tinubu’s Downstream Reforms
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TDF Hails Reported N6tn Gains from Tinubu’s Downstream Reforms
By Alabidun Shuaib AbdulRahman
The Democratic Front, TDF has described reports of a N6tn gain arising from President Bola Tinubu’s policies in the downstream petroleum sector as further evidence of what it termed a successful economic reform programme.
In a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, the group said the milestone underscored the impact of sweeping reforms initiated by the Tinubu administration in the oil and gas sector.
The statement read in part, “This great development confirms the resounding success of the deft application of the slew of policy-driven reforms in the downstream petroleum sector, through the executive orders and directives of President Bola Ahmed Tinubu.
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“It is our belief that the successful deregulation of the sector by the Tinubu administration has reduced, to a large extent, corruption and sharp practices that have over the years affected the sector.”
TDF argued that the reported gains reflected savings from the removal of fuel subsidy and the liberalisation of the downstream market, which it said had previously been characterised by inefficiencies and leakages.
“To this end, we posit that Nigeria’s corruption perception index will be on the decline, as a result of the reforms introduced by President Bola Ahmed Tinubu since he assumed office on May 29, 2023,” the group added.
It further stated that the reforms had saved the nation trillions of naira in taxpayers’ funds and attracted significant investments into the downstream petroleum sector.
“The gains equally show that the well-conceived and implemented deregulation of the downstream petroleum sector by the President has saved the nation trillions of taxpayers’ money.
“We note that the Tinubu reforms have not only attracted significant investments into the downstream sector of Nigeria’s petroleum industry, but also curbed the age-long culture of monumental waste of scarce national resources through fuel subsidy and bureaucratic regulations that have held the nation down in the last four decades,” the statement said.
The group expressed optimism that the Executive Orders issued by the President would eliminate corruption and sharp practices that previously made the sector unattractive to private capital.
TDF, however, urged the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority to sustain what it described as a market-friendly environment to further enhance investment and profitability in the downstream sector.
