Adams Oshiomhole, the former governor of Edo State, has opined that the controversial removal of petrol subsidy by President Bola Tinubu led to the downfall of many overnight billionaires within the oil and gas sector. He believed that this brave policy decision managed to significantly deplete the immense wealth that these individuals accrued through the previously poorly-regulated sector.
1. Adams Oshiomhole, the former governor of Edo State, asserted that the controversial removal of petrol subsidy by President Bola Tinubu led to the downfall of many overnight billionaires within the oil and gas sector.
2. Oshiomhole believes that this policy decision has significantly lessened the vast wealth gained through the previously poorly-regulated sector.
3. He praised President Tinubu for his brave moves to revamp the petroleum sector.
4. Oshiomhole argued that the abolition of petrol subsidy was a strategic tactic to stop the rapid accumulation of wealth by a select people benefitting from the oil and gas sector.
5. He also pointed out that the termination of these fraudulent practices had effectively halted the rise of overnight billionaires whose wealth was primarily oil-driven.
According to Oshiomhole, the removal of petrol subsidy in Nigeria led to the downfall of at least 50 overnight billionaires in the oil and gas sector.
In a pointed address, Oshiomhole explicitly lauded the bold moves president Tinubu had undertaken to overhaul the petroleum sector. The abolition of petrol subsidy, he asserted, was a strategic maneuver that curtailed the rapid accumulation of wealth by the select few thriving on the oil and gas sector. He further noted that the elimination of these fraudulent practices had effectively 'hit pause' on the growth of overnight billionaires whose affluence was largely oil-driven.