N6 Trillion Deregulation Gain Signals Success of Tinubu’s Economic Reforms – TDF

N6 Trillion Deregulation Gain Signals Success of Tinubu’s Economic Reforms – TDF

The Democratic Front (TDF) has hailed reports of a N6 trillion gain from President Bola Tinubu’s policies in the downstream petroleum sector as clear evidence of a successful economic reform agenda.

In a statement signed by Chairman Mallam Danjuma Muhammad and Secretary Chief Wale Adedayo, the party noted that such a milestone would not have been possible without the Tinubu administration’s sweeping reforms in the sector.

“This remarkable achievement confirms the resounding success of the policy-driven reforms in the downstream petroleum sector, implemented through the executive orders and directives of President Bola Ahmed Tinubu,” the statement read.

TDF emphasized that the successful deregulation of the sector has significantly reduced corruption and sharp practices that have historically plagued the industry. The party further suggested that Nigeria’s corruption perception index could improve as a direct result of these reforms since Tinubu assumed office on May 29, 2023.

“The gains also demonstrate that the well-conceived deregulation of the downstream petroleum sector has saved the nation trillions in taxpayers’ money,” the statement added.

The group noted that the reforms have not only attracted significant private investment into the sector but also curtailed decades of wasteful fuel subsidies and bureaucratic bottlenecks that had hampered growth for over forty years.

TDF expressed optimism that the executive orders would continue to eliminate corruption and sharp practices, making the sector more appealing to investors. The group also urged the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) to maintain a market-friendly environment that encourages sustainable investment in the downstream petroleum industry.