A non-government advocacy group, the Women in Energy Network, WIEN has issued a statement calling for expedited delivery of deregulation dividends following the deregulation of the oil and gas as contained in the announcement by President Bola Tinubu of his government’s decision to effect removal of subsidy on imported premium motor spirit, or petrol on May 29th, 2023.
The WIEN’s President, Mrs. Funmi Ogbue, urged the Federal Government to fast-track steps in realising the dividends of the deregulation process in the country.
The group, while congratulating the newly-inaugurated government of President Bola Tinubu, asked for a further move to ‘activate the relevant sections of the Petroleum Industry Act 2021 that relates to market reforms’ in the country.
According to WIEN, expediting the processes of complete deregulation in the oil and gas sector will serve to show that the new President ‘is prepared and determined to steer the country into the paths of rapid recovery and accelerated growth.’
The paper reads “We in the Women in Energy Network (WIEN) keenly follow the emerging developments in the Nigerian domestic fuel market, especially the determination of the new administration of the federal government to activate the relevant sections of the Petroleum Industry Act 2021 that relate to market reforms.
We observe that the sensitive points in the reform process include removal of fuel subsidy, deregulation of retail prices and liberalization of play”, It said.
The Women in Energy network speaking on the hardship the removal of the subsidy is already causing and believes that deregulation and liberalisation are the only way forward for the domestic fuel market given the prevailing circumstances.
“We also call on the government to quickly put measures in place to urgently deliver the realisable social and economic dividends of the market reforms to alleviate the impacts on the people.
It has become urgent at this point for the government to hasten the market transition process and shorten the time for delivery of convincing quick wins to the people. Also, the relevant agencies of the state should collaborate with industry stakeholders to fine-tune the emerging regulations to weed out all remaining impediments to fair play and best market practices”.
Dominica Nwabufo
