Managing Director of Oando Plc, Wale Tinubu has made a shocking revelation…

“The government has chosen to effectively subsidise the price as a social palliative. Not that I support it, but we spent $5 billion last year on subsidy, which was even more than what we spent on education and housing combined.”

“At a population growth rate of 3%, the question is what is the best – to invest in infrastructure or consumption? There is a big debate that has to be made around this and as stakeholders, we absolutely need to champion that debate with the federal government.”

“The politicians want this to continue at all cost, but there is long-term damage we are doing to our country and industry.”

“We need to ensure that these subsidies are altered and the downstream sector needs to be commercialised, the refineries need to function and the pipelines need to function.”

“There is no logic in is transporting our products by road which is extremely expensive.”

“Stakeholders in the petroleum industry should rise up to support the deregulation of the oil and gas sector to engender growth. I commend the national assembly for passing the Petroleum Industry Bill (PIB) and I urge the federal government to reconsider its passage.”