Two chronic and pathognomonic problems
of Nigeria have been incompetence/cluelessness and corruption.
A government that deliberated, analysed
and decided it was OK to institute a new policy to reduce the price
of fuel to N85.60 last December but suddenly, barely five months later and
after very few actually benefitted from that Abuja and Lagos limited reduction,
made a 360 degree policy change and hiked the price of same commodity up by
50%, is either incompetent/clueless or corrupt/a scammer.
The Presidency has admitted as
we had stated,
that the hike in fuel, note: not a subsidy removal as that was removed since
December, was in order to entice investment in private refineries and to enable
the purchase of PMS with black market forex money. Like Nigerians are ready to
suffer and die that glutinous cabal refineries may live.
The lower hiked limit, at N135 proved
that the decision by the oil ministry was not a devaluation but a fixed price
hike setting regulation. This fact is supported by Osinbajo's admission that
the price was artificially hiked to entice private cabal refinery
development...at the peril of the dying masses! And while Ministers and the
Presidency junket as Sahara branded it, around the world to places where they have
paid ambassadors able to represent them, at a millions of naira burden to the
dying poor of Nigeria, desperate for real change.
The inconsistency, lack of direction and
promotion of private cabal over the nation's masses by this government calls
for drastic action to restore public confidence.
Both Ministers of petroleum must be
resigned as many have earlier advanced, and the Central Bank Governor
must also follow suit. This is the only condition, in addition to the
devaluation of the Naira to meet with the black market supported fuel import
price so as to prevent corruption by a price duplicity; for Nigerians to agree
to be put under further hardship to buy fuel at N145 where little to no
reprieve has yet been given. A fine author called it "all sticks and no
The Minister of Petroleum for State, Ibe
in March that he was creating an artificial scarcity of PMS by saving
locally refined product "for the rainy day." Such a Minister with his
alter ambitions does not have the credibility to lead the nation's primary
industry. The Petroleum Minister must also resign for supervising directionless
policies and imposing hardship on the people.
Reducing the price of PMS to N85.60
which by their new position, was then untenable and unsustainable was either a
political machination or an act of Okrika fraud
to entice the people to think the government was caring and then create an
artificial scarcity to utilise to impose new hiked rates on the hapless masses
and in favor of banks, the new official black market forex traders
and the cabal.
CBN Governor Godwin Emefiele must also
resign for not considering the masses and making enough forex (just $3
billion/year) available to import the needed fuel over the past months. The
same governor promised cabal like Dangote unfettered access to CBN dollars for
his $14 billion private refinery. This at the expense of the masses.
Dangote is renowned for usurping
Nigeria's wealth via similar government undue advantages including in cash,
import duty waivers and the gifting of public infrastructures and land. The
same Dangote turned around and showed his "appreciation" by selling
his cement at triple the global average price while his company celebrated
quarterly massive profits for shareholders. Such an insensitive oligopolist
should not be further assisted by the government who ought to rather probe his
company and alleged bribes and inducements it has given politicians over the
years for favors including private jets said to have been given to Obasanjo.
To prevent fraud and the use of a hiked
PMS price for bank round-tripping of dollars as well as the sale of CBN's 50%
of the commodity imported at N197 fuel by cabal at the new rate, thereby
ripping off the masses, the official CBN Naira-dollar rate
must be devalued and deregulated as we have insisted to meet with the
black market rate and stick to it. So much corruption and illegal enrichment
has transpired for the time the FGN has maintained Venezuelan dual rates.
We urge the Buhari administration to get
its act right and think of Economic of the poor, not capital market economics,
and put advantages for the suffering masses over the cabal and politicians.
Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.