The organisation said it would have been better to implement it at a more suitable time in view of the extant laws such as the Petroleum Industry Act 2022, Appropriation Act 2023 and the President’s commitment to govern by the rule of law.
The national chairman of IPAC, Yabagi Sani, during a press conference in Abuja also called on the government to set up a forensic enquiry on the subsidy regime to uncover any perceived corruption in the sector.
The call came in the wake of the recent expression of desire by President Bola Tinubu to end fuel subsidies in Nigeria.
While acknowledging the urgency of addressing the economic situation of the country, IPAC believed that a forensic audit of the subsidy regime was necessary to ensure transparency and accountability in the oil sector.
Sani said this would involve auditing the Nigerian National Petroleum Corporation Limited, Central Bank of Nigeria, oil marketers, and other players in the value chain of the subsidy era.
He said, “For us at the Inter-Party Advisory Council, the issue of subsidy removal though at the heart of the economic development of Nigeria and a necessary evil, and of course Mr. President must have been overwhelmed by the urgency of the need to address the dire economic situation of the country to have expressed his desire.
“However, in our candid opinion, it would rather have been done at a more suitable time in view of the fact of the Petroleum Industry Act 2022 and Appropriation Act 2023, the extant laws, as well as Mr. President’s pronouncement in his inaugural speech was clear that he will govern by the rule of law.
“The new government must as a matter of urgency set up a forensic enquiry on the subsidy regime to unravel the secrecy and obvious perception of large-scale corruption in the sector. The NNPC, CBN, Marketers and the players in the value chain of the subsidy era should be properly audited.
“The government should also address the issue of oil theft, metering of the sector infrastructure while pursuing fiscal policy measures to progressively manage the economic interventions.
“Going forward, the NNPC and all relevant agencies should be made to operate transparently and accountable in its dealings.
“In addition, the Federal Government should, as a matter of priority, strengthen the law enforcement agencies, particularly the anti-graft agencies to effectively enforce their mandates. These interventions will reinforce the confidence of Nigerians that subsidy removal will not be more fuel for corruption.”
