National Telescope national telescope newspaper
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Oil marketers representing the Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, have urged President Bola Tinubu to fix the Naira’s exchange rate to the dollar at the 2024 Budget benchmark of N750/dollar.
Mr. Benneth Korie, President of NOGASA, addressed journalists in Abuja that the Naira’s persistent devaluation versus the dollar was at the heart of Nigeria’s economic woes.
Korie, who opposed the free floating of the native currency, stated that the government must be assertive in its handling of the foreign exchange market to prevent the current drop.
He said that the high cost of the dollar was driving marketers out of the industry, and that if quick action was not taken, most fuel stations would close by the end of March.
“I know our budget for this year was benchmarked at N750/$, therefore if the government can keep it at 750/$, heaven would not tumble, inflow or not. It is not the first time we have seen prices at N400 and selling for N800, so let us try it again, because if we let this to continue, the dollar may reach a level that we cannot sustain. If we don’t take precautions, all of our food will be sold for a dollar. So let’s go back to N750 as indicated in the budget.
“You are aware that NARTO is removing their services. Because of the high cost of diesel, you cannot go to Lagos to transport PMs to the north for N1,700; it is a suicide mission; nobody would make 1kobo, hence the NARTO battle is OK.”
He asked the government to reconsider its deregulation program, as it was not working as intended.
“If the government believes it is unable to give subsidies, it can reinstate the bridging (petroleum equalisation fund) in the system, lowering the rate and alleviating hardship.
“We understand that over some trillion has been spent on subsidies, so there is nothing bad if we introduce bridging and it will not take up to one quarter of that and it will reduce pressure on transport cost” , he went on to say.
source: vanguard
