The Democratic Front (TDF) has described reports of a N6 trillion gain arising from President Bola Tinubu’s policies in the downstream petroleum sector as further proof of the effectiveness of the administration’s economic reform agenda.
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 the sweeping reforms initiated by the Tinubu administration in the sector.
TDF stated that the development confirms what it called the successful implementation of policy-driven reforms in the downstream petroleum industry through a series of executive orders and directives issued by President Bola Ahmed Tinubu.
According to the group, the deregulation of the sector has significantly curtailed 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 read.
The group further posited that Nigeria’s corruption perception index is likely to improve as a result of the reforms introduced since President Tinubu assumed office on May 29, 2023.
TDF also noted that the reforms have saved the nation trillions of naira previously lost to fuel subsidies and bureaucratic bottlenecks, describing the savings as a major boost to national development.
Beyond fiscal gains, the group said the deregulation policy has attracted significant investments into the downstream segment of the petroleum industry, while addressing what it termed the “age-long culture of monumental waste of scarce national resources.”
It expressed optimism that the Executive Orders signed by President Tinubu would further eliminate entrenched inefficiencies and make the sector more attractive to private capital.
The Democratic Front also urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sustain a market-friendly regulatory environment to consolidate the gains of deregulation and enhance investor confidence in the sector.
