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FORMER member of the House of Representatives representing Ife Federal Constituency in the 7th Assembly, Hon. Rotimi Makinde has appealed to the Federal Government to develop a policy that would help in subsidizing petrol and diesel costs of production at the Dangote refinery through introduction of tax waiver with the overall goal of making the products sell at lesser and affordable prices to Nigerians.
Makinde noted that such cushioning economic policy in the petroleum downstream value chain will make Dangote and other oil marketers ease the tension and volatility of petroleum products in the country, adding that the impact will directly yield multiple effects in the reduction of hardship Nigerians are facing while also pointing out that instead of dishing out palliatives that are often going to wrong hands or being mismanaged by some governors, a tax waiver intervention will ultimately be the most satisfactory choice.
Speaking with some journalists at the local wing of the Lagos airport at the weekend Makinde assured that the tough phase in the country would only be temporary and that the government of President Bola Tinubu has remained resolute in putting the country back on track by injecting well thought out policies that will obliterate all socio-economic hurdles in the country.
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“Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) touch all aspects of lives in our country, it could be industrially, commercially or domestically, therefore its availability and affordability is very crucial and must be without glitch.
However, to make our petroleum downstream value chain more robust and to also reduce hardship Nigerians are facing I think stakeholders should start looking inwards and this must be done as quickly as possible in the interest of the nation.
“I am of the view that Federal Government needs to develop a policy that would help in subsidizing petrol and diesel costs production at the Dangote refinery through use of our local currency, which is naira, whereby a tax waiver intervention would be introduced with the overall goal of making the products sell at lesser and affordable prices to Nigerians.
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“I was in that industry for more than 20 years so I have deeper understanding of how things work. The reality is that such cushioning economic policy in the petroleum downstream value chain will make marketers ease the tension and volatility of petroleum products in the country and it will directly yield multiple effects in the reduction of hardship Nigerians are facing.
Instead of dishing out palliatives that are often going to wrong hands and some being mismanaged by some governors, a tax waiver intervention will ultimately be better.
“It should not be out of place for the Nigeria’s Federal Inland Revenue Service (FIRS) through directive coming from President Bola Tinubu who doubles as Minister of Petroleum Resources to issue a tax credit certificate to Dangote Oil Refinery so that Nigerians can get a breather.
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“The Government of President Bola Tinubu is no doubt resolute in it’s commitment to put the country back on track by obliterating all socio-economic hurdles in the country, therefore stakeholders must work in synch with Mr. President’s renewed hope agenda and revive the country back socio-economically. I am strongly confident that this measures would lead to long-term improvement and strikingly silence to all the fifth columnists.
“Government must come to the reasoning that if we could encourage local investors to do the needful and of course under an agreement with some due monitoring and approvals then some of the challenges in the petroleum industry would be completely over. Tax waivers for some genuine investors isn’t a new thing, it is a global phenomenon.
Moreover, it will be in the interest of government that other investors, business entrepreneurs, companies take advantage of this key initiative such that Nigeria can develop faster than the government would have done alone.
“While it was true that the responsibility of providing petroleum products like PMS, AGO, DPK among others, was that of the government, the prevailing economic realities had made that difficult to be achieved. To do it at the same time within the time that the public requires is often not possible and I think it is this kind of thing that will generate the need for the state to engage private actors to participate in the process in the larger interest of the citizenry.” Makinde stated.
The Ife born politician also enjoined the government to have a rethink on how depots across the country will fully come back on stream and to as well redouble effort in ensuring petroleum products pipelines are properly policed to avoid incessant vandalism and theft, according to him measures like these will significantly help to ameliorate scarcity of the products among other challenges facing the downstream petroleum industry.
Makinde also in his patriotic call said government at a time like this should be able to encourage banks to create an enabling environment that would be able to make private handlers and investors in the oil and gas sector to have more of Dangote refineries in Nigeria.
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