Group Hails N6trn Deregulation Gains as Proof of Tinubu’s Reform Success

Group Hails N6trn Deregulation Gains as Proof of Tinubu’s Reform Success

JOEL OLADELE, Abuja

The Democratic Front (TDF) has described reports of a N6 trillion gain from President Bola Tinubu’s policies in the downstream petroleum sector as further proof that his economic reforms are yielding positive results.

In a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, the group said the milestone would not have been possible without what it called sweeping reforms introduced by the Tinubu administration.

“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,” the group said.

TDF maintained that the successful deregulation of the sector has significantly reduced corruption and sharp practices that had plagued the industry for decades.

“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,” the statement added.

The group further argued that the reforms would positively impact Nigeria’s standing on global transparency rankings.

“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,” it stated.

According to TDF, the gains from deregulation demonstrate that the policy direction of the administration has saved the country trillions of naira that would have been spent on fuel subsidy and inefficient regulatory practices.

The group noted that the reforms have attracted significant investments into the downstream petroleum sector while curbing what it described as a long-standing culture of waste of scarce national resources.

It also expressed optimism that the Executive Orders issued by the President would eliminate entrenched corruption and make the sector more attractive to private capital.

TDF, however, called on the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sustain a market-friendly environment that would encourage more investment and ensure long-term growth in the downstream petroleum industry.