By Bilesanmi Abayomi
Lagos, Nigeria – In a recent interview with the Kosofe Post, Shehu Bankole-Hameed, the National Chairman/Co-ordinator of Team Prosper, expressed his support for President Bola Ahmed Tinubu’s decision to remove fuel subsidies. Bankole-Hameed emphasized the importance of strengthening regulatory agencies to ensure fair pricing and healthy competition within the petroleum sector.
Commenting on the recent increase in fuel pump prices, Bankole-Hameed stated, “The current price of fuel at the pump is a reflection of how much the marketer, whether it’s the NNPC or any other major distributor, wishes to sell their product. This stems from President Bola Ahmed Tinubu’s announcement that his administration has inherited a budget with no subsidy provision. As a result, his administration will not turn a blind eye to this issue.”
Bankole-Hameed highlighted two immediate observations regarding the varying fuel prices across different locations in the country. He also suggested that allowing new refiners or refineries to enter the market could potentially lead to a substantial decrease in fuel prices. However, he cautioned against the possibility of a monopoly forming at the Lekki refinery, urging the regulatory agency to perform its duties diligently.
In order to protect consumers from price gouging and manipulation, Bankole-Hameed stressed the importance of regulatory agencies enforcing standards, ensuring product quality, promoting healthy competition, and safeguarding against monopolistic practices.
Offering further advice to President Tinubu’s administration, Bankole-Hameed proposed a focus on mass transit solutions. He recommended collaborating with businesses to provide organized and affordable mass transit options, while discouraging overcrowded and unsafe modes of transportation. Bankole-Hameed also urged the encouragement of local assembly and eventual manufacturing of buses specifically designed to transport a large number of passengers comfortably and at reasonable prices.
Additionally, Bankole-Hameed called for the development of transportation infrastructure, including railways, boats, and other marine transport options, particularly in areas where such modes of transport are feasible.