By Milcah Tanimu
The Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN) has clarified that its N100bn request to President Bola Tinubu is not free money but a loan to support fuel marketers.
This funding, PETROAN explains, would serve as seed capital for an energy bank where members can access loans at single-digit interest rates. According to Billy Gillis-Harry, PETROAN’s National President, the initiative aims to reduce the impact of subsidy removal, which has significantly increased the cost of petroleum products and threatened the survival of 10,000 marketers.
“High-interest rates of 36–40% make it impossible to lower fuel costs. A single-digit loan interest rate would stabilize prices and grow the fund to over ₦700bn in three years,” Gillis-Harry stated.
The association emphasized the need for government-backed infrastructure investments, such as refineries and pipelines, to boost local refining capacity and reduce reliance on imports. PETROAN also urged the government to establish a specialized energy bank to provide financial support tailored to oil and gas marketers’ unique needs.
This proactive step aligns with broader efforts to sustain businesses and prevent job losses while promoting development in Nigeria’s downstream sector.
