The Democratic Front (TDF) has described reports of a N6 trillion gain from President Bola Tinubu’s policies in the downstream petroleum sector as another evidence of a successful economic reform programme.
In a statement signed by its Chairman Mallam Danjuma Muhammad and Secretary, Chief Wale Adedayo, the group noted that the milestone could not have been achieved if the Tinubu administration had not embarked on sweeping reforms in the sector.
“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.
“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.
“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 29th May 2023.
“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.
“In addition, TDF is optimistic that the reforms introduced through President Tinubu’s Executive Orders, will effectively eliminate a huge degree of corruption and sharp practices that hitherto characterised the sector, and made it unattractive to private capital investment.”
The group also called on the management of the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) to sustain a market-friendly environment that will make the downstream sector more lucrative and investment-friendly.
