By Queen Kunde
The Democratic Front (TDF) has hailed reports of Six trillion Naira gain from reforms in Nigeria’s downstream petroleum sector as fresh proof of the effectiveness of President Bola Ahmed Tinubu’s economic agenda.
In a statement jointly signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, the group described the reported windfall as a “great development” made possible by sweeping deregulation policies introduced by the Tinubu administration.
According to TDF, the milestone underscores “the resounding success of the deft application of policy-driven reforms in the downstream petroleum sector through the executive orders and directives” of the President since he assumed office on May 29, 2023.
The group argued that deregulation has significantly curtailed corruption and entrenched sharp practices that plagued the sector for decades, expressing optimism that Nigeria’s corruption perception index would improve as a result of the reforms.
TDF further maintained that the policy shift has saved the country trillions of naira previously lost to fuel subsidies and bureaucratic bottlenecks, while opening the sector to fresh private capital and investment inflows.
“The well-conceived and implemented deregulation of the downstream petroleum sector has not only attracted significant investments but also curbed the age-long culture of monumental waste of scarce national resources,” the statement read.
The group also urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sustain a market-friendly regulatory environment to consolidate the gains and make the sector more competitive and attractive to investors.
TDF expressed confidence that the administration’s executive orders would continue to eliminate corruption and reposition the petroleum industry as a driver of national economic growth.
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