He said the removal of petroleum subsidy in January was responsible for the refusal of the marketers to import fuel.
According to Olatunbosun, who is a member of House Committee on Appropriation, the resultant hardship foisted on the country was meant to arm-twist the government into agreeing to their terms which may be inimical to the interest of Nigerians.
While reacting to comments on President Muhammadu Buhari's economic policy during the weekend in Abuja, Olatunbosun said the implementation of the Single Treasury Account (TSA) was the best to have happened to the Nigerian economy.
He said: "In January, fuel subsidy was removed but there is a gang up to sabotage this government by some elements. The Nigerian National Petroleum Corporation (NNPC) was to import 50 percent of our fuel consumption while the balance was to be given to independent marketers that have refused to supply the fuel.
"In the past, they were importing it but this stopped suddenly. My understanding is that the stoppage of patronage they were getting from subsidy, which was a monumental fraud was the cause.
"It means they were never in that business because they loved Nigeria and Nigerians in the first place, they were doing it solely for the ill-gotten wealth they get from the undue advantage they get through the subsidy but because there is no more free fund to get from the subsidy, they stopped importing the product.
"Unfortunately, that was not communicated to Nigerians. I think there is a need to go back to the 2012 report of the House probe on the subsidy, those indicted should be prosecuted.
"That forex scarcity was responsible for their inability to bring in fuel is a diversionary excuse because fuel importation is prioritized since it affects the economy directly".
The lawmaker further condemned unpatriotic Nigerians with domicilary accounts running into $20b saying it was a major cause of the falling naira and a struggling economy.
Noting that the TSA has nothing to do with the issue of dollar exchange rate, Olatunbosun said, "I will rather say that it has helped us as a nation in a way.
This is because when you have an economy being driven by ill-gotten stupendous wealth chasing the dollar, maybe by now we would be talking about N500 to a dollar.
"The TSA is one good policy that has happened to our economy because there have been monumental leakages in all agencies of government, most especially those generating revenue.
"Nigerians have about $20b in various domicilary accounts by individuals and corporate entities. That is over N1 trillion at N300, the size of our budget, and if it's at N200 that's I've N4 trillion, that is still huge.
"All over the world I have never seen a nation where the citizens have such reserve of foreign currency. This is not America where the dollars us he legal tender, so why are keeping such a huge money in our dollar accounts?
"The reason is simple, we don't believe in our own country. Until that trend is reversed, it is going to be same song we will be singing about the state of our economy, that the naira is falling, dollar and other currencies appreciating the Naira.
"If I have my way, I will prostrate to these Nigerian and beg them to bring the dollars out. If we pump just $10b of that money into our economy, one can only imagine the rippling effects on all facets of our economy".
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