Don’t engage in panic buying, subsidy removal is the way to go – IPMAN

May 31, 2023

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the deregulation of the oil sector and subsidy removal is the only way to make Nigeria great.

IPMAN’s National Public Relations Officer, Yakubu Suleiman on Channels Television’s Sunrise Daily programme on Wednesday, reiterated the association’s stand on the removal of subsidy.

“Our position is that the Independent Petroleum Marketers Association of Nigeria (IPMAN) is supporting or has supported the deregulation of the industry,” Suleiman said.

“Removing subsidy is the only answer to make Nigeria great because there is no country that can survive without deregulating the economy.”

He commended President Bola Tinubu for his remark on subsidy removal in his inaugural speech.

“We really applaud Mr. President for having the courage to announce the removal of subsidy,” he stated.

Suleiman said Tinubu was only informing Nigerians that there is no more subsidy, noting that the administration of former President Muhammadu Buhari has announced subsidy removal by not making provision for it beyond June 2023 in the budget for this year.

He maintained that though discussions with stakeholders are important, the way to go is subsidy removal.

The IPMAN spokesman urged Nigerians not to engage in panic buying as Premium Motor Spirit also known as petrol is sufficiently available in the country at the moment.