February 25, 2024

President-elect Tinubu must not repeat Buhari’s mistake, by assuming role of Petroleum Minister- Dr. Yusuf, CPPE

 

Oredola Adeola

Dr. Muda Yusuf, Director of the Center for the Promotion of Private Enterprise (CPPE), has urged the Nigerian President-elect, Asiwaju Bola Tinubu not to assume the role of Minister of Petroleum like his predecessor, outgoing President Muhammadu Buhari.

The Director of CPPE made this known in a statement titled” Economic Agenda for Incoming Administration” obtained by Energyday on Monday.

According to him, the system that permits the President of the country to assume the role of Minister of Petroleum should be discontinued.

Dr. Yusuf suggested that a substantive minister of Petroleum Resources should be appointed to promote professionalism and transparency in the sector.

He however charged the President-elect to demonstrate unmistakable commitment to the implementation of the Petroleum Industry Act (PIA), which according to him, would attract more investment into the oil and gas sector.

Dr. Yusuf said, “Remove petrol subsidies with minimum shocks to the economy and the citizens.

He had once said that the plan to discontinue petroleum subsidy action would unlock a minimum of N6 trillion in revenue into the federation account annually.

He noted that this would bring an end to the several years of plundering of the nation’s resources through the subsidy regime.

The CPPE further revealed that the current impressive momentum by the Buhari administration to tackle oil theft should be sustained by the next administration.

This measure, according to him, would encourage Tinubu’s administration to boost oil production.

He further disclosed that the Nigerian economy is in a stumbling and fragile state and in dire need of a new direction.

He said, “The political transition offers a great opportunity to chart a new course.

Speaking about the management of the Nigerian economy under the new administration, Dr. Yusuf charged Asiwaju Tinubu to establish quality economic governance consistent with tested economic principles and empirical evidence, that is contextualized within socio-economic peculiarities.

He said, “This is critical from the onset of the administration for signaling and investors’ confidence. A good economic governance framework would entail the following:

“Setting up a Transition Committee on the Economy to come up with propositions of what needs to be done differently and ensure the delivery of quick wins in the first month of the administration.

“Technically sound economic team to give guidance and direction on general economic policy direction, policy conceptualization and urgent reforms.

“An economy where there is a level playing field for all players with a transparent economic policy formulation process.

“Competitive economic environment with minimum monopoly dominance.

“Expand the role of markets for value delivery and boosting of private enterprise in the economy. State institutions do not have the capacity to manage enterprises.

“Robust monitoring and evaluation framework to regularly review the effectiveness and impact of economic policies and regulatory practices. Constructive and regular stakeholder engagement by key government agencies to ensure proper alignment of policies with investors’ sentiments,” the CPPE Director said.

Dr. Yusuf further suggested to Tinubu that any of the government’s institutions playing technical roles should be headed by tested and trusted technocrats.

The CPPE Director noted that Nigeria desires a regulatory environment where regulatory risks and regulatory shocks are at the barest minimum, adding that the move by the new administration is necessary to boost investors’ confidence.

According to him, regulatory institutions and economic players must relate as partners, without necessarily compromising regulatory effectiveness.

Dr. Yusuf said, “We should put an end to the culture of regulatory intimidation, coercion, and undue harassment. There should be regular consultative forums between industry players and regulators.”