Independent Petroleum Marketers Association (IPMAN) has urged Nigerians to hold government accountable for the proceeds shared from subsidy removal and foreign exchange rate.

Its National Operations Controller, Mr Mike Osatuyi, gave the advice on Sunday at a session tagged; “The aftermath of fuel subsidy removal” on TVC in Lagos.

Osatuyi said that with over N2 trillion shared by the three tiers of government, saying: “It is time Nigerians begin to demand more accountability from government; both at the state and local government levels.

According to him, Nigerians should hold government accountable on the money received from FAAC.

“Subsidy removal will attract more money for government.

“The foreign exchange rate has been unified and the subsidy payment that was usual paid on monthly bases now go to government pulse,” he said.

The IPMAN boss said that the N2 trillion shared was higher than previous money being shared to the tiers of government, adding that government ought to do more for its citizens.

He said that money that would have been frittered away, in a month, via fuel subsidy will now go into the coffers of the government to improve living conditions of the people.

“What this means is that there will now be more money available for government to embark on infrastructures development.

“Government at all levels will become more solvent, be in a stronger financial position to easily pay new minimum wage and fund development in critical sectors, especially in education, healthcare and public transportation.

“Going forward, Nigerians should begin to focus attention on their states and local governments to demand more accountability and transparency in the use of public fund,” he said.

Osatuyi said: “The highest money I have ever seen shared was N800 billion and not as higher as N2 trillion. The money came through subsidy and forex.

“In another two to four months when all loopholes has been blocked sharing formula can go as high as N3 trillion and above.

“The problem is that would government use the money well to cushion the effect of suffering,

“If states use the money on infrastructures to the development of Nigerians and we are paying more on petrol, it will not better.

“I hope and pray that government use the money judiciously and transparently to the development of Nigeria and Nigerians,” he appealed.

On fuel importation, Osatuyi said that currently the price of petrol is being determined by market forces.

He said that since subsidy had being removed and old stock of petrol has been exhausted, marketers are now importing product.

“The market has been opened and it will be determined by the parameter on the landing cost, the cost of crude per barrel and exchange rates.

“The era of subsidy has gone. So, marketers can now import petrol based on market fundamentals.

“The crude oil price and forex are determining force in petrol importation and pump price determination,” he explained.

Osatuyi said that if more petrol are imported into the country, it would drive down the price because there will be competition, efficiency and more service to customers.

“As a private sector, they are after cost reflective and also attract product to customers.

On Compressed Natural Gas (CNG), Osatuyi said that the National Gas Expansion Programme (NGEP) that was initiated by government in 2010 was later suppressed

He said that CNG was a great alternative to petrol but how ready are we?”

He acknowledged that both MOMAN, IPMAN and DAPPMAN had the capacity but the conversion of vehicles to CNG is also an issues.

The IPMAN operation controller urged Federal Government to focus on vehicles conversion, adding that it cost between N400,000 and N500,000 to convert vehicle.

He added that government can also subsidies vehicles converting to CNG because it’s cleaner and cheaper.

“CNG is durable, it ought to have being done years back, the CNG is a big options.

“Presently, over 40 per cent vehicles in Benin State go on gas through NIPCO. Government can replicate such in every states.

On Dangote Refinary, Osatuyi said: “We should thank Dangote for the bailout of the masses in the country’s downstream sector.

“At least we have one of the biggest refineries in Africa cited in Nigeria.

“There are benefits to Nigerians, when a marketer import petrol he will one pay various charges and levies, but with Dangote Refinery some of these levies will go off and cut off drastically than those imported.

“A lot of benefits will be attracted to Dangote Refinery coming on stream, it will abolished sourcing for forex.

“Nigeria is spending billions of dollars to import, that is while we should encourage local refining.

He said: “Because we import virtually everything in Nigeria and being paid in dollars that was why things are expensive.

“When Dangote Refinery commences operation, it will save the country billions of forex and also create opportunities for our teaming youths.”

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