Subsidy Removal Saved Nigeria from Deeper Economic Crisis – PETROAN President

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, has stated that Nigeria’s decision to remove fuel subsidies on May 29, 2023, prevented the country from facing more severe economic challenges.

Speaking on Breakfast Central on Thursday, a programme on News Central, Gillis-Harry credited the administration of Bola Ahmed Tinubu for demonstrating the political will, decisiveness, and economic understanding needed to implement the policy.

According to him, although there were disagreements over the execution of the subsidy removal particularly the lack of adequate pre- and post-implementation planning, the decision itself was necessary and ultimately beneficial for the country.

“If the President did not take that decisive step, Nigeria may not be in the position we are today,” he said, emphasising that PETROAN would be the last organisation to advocate for a return of fuel subsidy in the petroleum sector.

Gillis-Harry, however, stressed the need for government intervention to cushion the effects of the policy, particularly in transportation and food costs. He noted that managing these two critical areas would help stabilise the economy and enable Nigerians to adapt.

“Our PETROAN will be the last organisation to request that the subsidy be returned in the petroleum sub-sector of the economy. What we think could have happened is that we are making gains in the sale of crude oil but we need to find ways to make sure that the cost of transportation is mitigated and not allowed to spiral out of order and food is available. Once we can have these two things done, I can tell you that Nigerians are very resilient and creative.”

He also highlighted the importance of boosting local refining capacity, pointing to the revival of the Port Harcourt Refinery. He urged efforts to make the facility more economically productive and commercially viable to support the domestic supply of petroleum products.

On crude oil production, the PETROAN president advocated for a dual focus on both refining and production, expressing optimism that Nigeria could target an output of four million barrels per day.

He stated that with improved cost management and increased local production, Nigerians’ resilience and creativity would play a key role in navigating the country’s evolving economic landscape.