PETROAN Clarifies N100 Billion Intervention Request as Investment, Not Free Money
The Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) has provided clarification regarding its request for a N100 billion intervention from President Bola Ahmed Tinubu, emphasizing that the funds are not a handout but an investment aimed at saving the country’s energy sector from collapse.
In an interview shared with *DAILY POST*, the National President of PETROAN, Billy Gillis-Harry, explained that the requested N100 billion would be allocated to an energy bank, allowing members of the association to access single-digit loans to support the nationwide supply of petroleum products.
Gillis-Harry underscored the challenges faced by petrol dealers, noting that the high interest rates from commercial banks make it nearly impossible for businesses to thrive. He argued that with a more favorable loan system, fuel prices could be significantly reduced, benefiting consumers across Nigeria.
“We are not asking for free money,” Gillis-Harry said. “We are asking the government to place the N100 billion as seed capital into an energy bank, where we can access loans at single-digit interest rates. This will help bring down the price of Premium Motor Spirit (PMS), which currently sells between N935 and N1,100 per litre across Nigeria.”
He further emphasized that the establishment of an energy bank would provide a sustainable solution to the persistent challenges facing the petrol distribution industry and ease the financial burden on retail outlet owners.
“We are only asking for the government to set up the Energy Bank of Nigeria and use the N100 billion as seed capital,” he continued. “N100 billion may seem like a small amount, but it has the potential to significantly transform the business landscape in Nigeria’s energy sector.”
Gillis-Harry’s statement highlights the urgent need for financial support to stabilize the country’s petroleum supply chain and prevent further increases in fuel prices that are impacting Nigerians across all sectors.
