Date: 2017-12-29

As Nigerians grapple with fuel shortage, the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Adebayo Ibrahim, yesterday urged the Federal Government to revisit its foreign exchange policy for dealers in the downtream sector of oil industry.

Ibrahim, who represents Kwara South Senatorial District in the National Assembly, said fuel marketers' complaints that the landing cost of imported premium motor spirit (PMS) would no longer enable them to sell fuel at the official price of N145 per litre should be looked into.

Speaking with Journalists in Offa shortly after inaugurating his community impact projects? across the senatorial district, the legislator noted that though the state of the nation's economy does not guarantee special rate for foreign exchange, government and stakeholders in the oil industry must work out new template to lessen burden on the marketers.

He, however, urged the government not to see the call to address the anomaly in foreign exchange policy for oil marketers as a way of increasing the pump price of PMS, saying that the effects on the masses must also be taken into cognisance.

?Ibrahim expressed optimism that the lingering crisis in the downstream of oil sector, which precipitated the shortage of fuel supply, would fizzle out soon.

The legislator also assured that the National Asse?mbly would collaborate with the executive to ensure that the problem fuel shortage is addressed.

"That (foreign exchange) is the major problem. You can see that even the GMD of NNPC? talked about the figures about the landing cost. So, that means the marketers, you cannot blame them; they have been operating probably unprofitably, I mean the major marketers and importers. It is diffuclt for the economy to now say we give special rate.

"So, that is why the government must look at it holistically to make sure the template they are using in bringing oil is profitable to the marketers and we are able to maintain the price that we agreed with the masses. And I know the government, the marketers and the regulators are working 24/7 to make sure we actualise that. And I believe very soon, it would become something of the past", Ibrahim said.

On the commissioned projects, the banker turned politician said it was part of the policy of the political structure he belongs to embark on community development projects so as to improve the living condition of the people.

"If you look at the history of our party and you look at the way we have been? coming, the structure that all of us belong to, now in APC, under the leadership of Dr Bukola Saraki, is all about relationship with all communities in Kwara State. So, that informed that aside from Constituency projects, we can do community development projects.

"So, all the 10 projects commissioned are community development projects by our Kwara South Senatorial Office in collaboration with RIB Foundation.? It is so gladdened that our people in Kwara South are very industrious. Even if you give them all the money; take ten times of the money and distribute it in Offa, it is nothing, because everybody is satisfied from home. We Ibolo, Igbomina, Ekiti in Kwara South are very proud", he said.

Some of the projects inaugurated include water, toilet facilities electricity transformer and renovated township library in Ganmo, Ifelodun; Ajase-Ipo in Irepodun; Osi in Ekiti; Iloffa in Oke-Ero; Omu-Aran in Irepodun; Erin-Ile in Oyun and Offa in Offa Local Government Areas, all in Kwara South Senatorial District.