The Major Oil Marketers Association of Nigeria (MOMAN) has advised President Bola Tinubu to invest in revamping the nation’s refineries, infrastructure, transportation, and human capital development the trillions of naira that will be saved from the removal of subsidy on Premium Motor Spirit (PMS). Executive Secretary, MOMAN, Mr Clement Isong, made this call during an interview with New Telegraph over the weekend. President Tinubu, during his last nationwide broadcast, claimed that over N1 trillion had been saved in two months from subsidy withdrawal. Isong said Tinubu’s pronouncement elated him and he was right that their prediction and expectations had been proven right. He stated that the information of saving over N1 trillion was incredible and proof of their concept. Isong said: “The next thing is, what are you going to do with the same? I think President Tinubu’s speech was very well conceived and very well written. I think the thing we have been talking about, for instance, transportation was covered in the speech.

“I think alternative energy for the transportation of Compressed Natural Gas was covered. I think it’s extremely important that we moved to cheaper forms of energy. We should adjust our energy mix. “Under normal circumstances, in the hydrocarbon chain, the most expensive is PMS. That is what we were selling the cheapest in Nigeria. It was expensive. Gradually, I think we should move in the country to cheaper fuel. I think we should move to cheaper fuel as much as possible.” He harped on the importance of human capital development as a vehicle for national growth and development. He stated that it was also important to make Nigerians more productive by investing in agriculture and healthcare. Isong said: “We need to get our education right. We know that the majority of Nigerians, lots of people will not be able to find employment with the government or employment with companies.

So we need to develop and train them so that they can look after themselves. “We need to develop entrepreneurship. We need to develop what we teach Nigerians. We need to develop the curriculum in schools, so that a Nigerian coming out of school, will find something to do, whether it’s to find something to do what he has to work for himself, that will help him earn a living. So it’s the quality of education that we need to invest in. When we talk about human development, it is also about healthcare. “The more a Nigerian is available in terms of increased productivity, the more he is able to generate income for himself or for his community.

So you need to limit his downtime. You need to limit the amount of time he is in the hospital or he is ill. “This is primary healthcare, this is preventive health care. This is healthcare that keeps him consistently available for higher productivity for himself and for the country. So we need to keep investing in our healthcare, in preventive healthcare. So that the Nigerian is able to look after himself and his family. And limit his downtime. “When you talk about human development, you talk about the quality of nutrition, that is the food. Food plays several roles. It keeps him healthy.

Food keeps him productive. Food, most importantly, plays a role in the economy. Whether it is in generating income from farming, whether it is generating income from farming in the country, or exports when you are able to maximise your agricultural output and you’re able to trade with other African countries, you able to get foreign exchange from your exports on your agricultural output.

You’re able to take the agricultural output and invest in agro-processing, which is developing industries in Nigeria with local inputs. “These are all things that helped to develop the economy and allow you to supply food to Nigeria and develop the food chain. So it is an investment in human development, finding things for them to do. Looking after their healthcare, and developing them through good and quality education so that they can stand on their feet.” He also said there should be full implementation of the National Petroleum policy, adding that Nigeria had the 9th largest gas reserves globally with about 209.5 trillion cubic feet (tcf) of proven gas reserves. Calling for more gas penetration in Nigeria, he said Nigeria should export its crude so that it can earn foreign exchange. Isong said: “If you are able to read access the gas, the National Petroleum Policy 2017 I think it made a clear view as to where we should be going as a country. We are a gas country. We should take every opportunity to use gas. We should build our refineries, yes, but we should as much as possible not consume that who crude.”