A subsidy is a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive. Therefore,fuel subsidy is meant to make fuel prices relatively cheap and affordable. Now, I ask you,is that the case with fuel in Nigeria???
You see,I like being blunt and realistic with the truth and not emotional.We all know what had happened to fuel prices in the international markets...fuel prices are in their all time low,hence,subsidizing have started to look foolish indeed.You and I also know that the international market changes in oils prices has no effect on the economy...as in,there's no difference in the way things are whether oil prices increased or reduced.Nigeria's oil prices is very independent of the international markets.So,it's hard to say whether there's a subsidy in the first place!
Another point that's worth discussing is the mechanism of the subsidy in Nigeria considering the corrupt nature of anything government and past events,especially in the oil sector in Nigeria.Let's check it out!
A little Historical Background
From my findings,subsidy has a long history...it began way back from 1978 during Gen Obasanjo's Military regime! Below is a showdown of supposed subsidy removals over the years.
1978, 15kobo per litre
1990, 60kobo per litre
1992, 70kobo per litre
1993, N3.25kobo and N11 per litre
And from 1994 to 1998 the official pump price hovered around N11.0k per liter – these happened during the military era of Nigeria's 'perceived' most horrific tyrannic dictator,Gen. Sanni Abacha.Remember that these same years of the General was the era of the Petroleum Trust Fund (PTF).The PTF was charged with the execution of capital projects from cash saved from the oil sector .We all know how effective and beneficial the PTF was during that time...it was so,so,so, beneficial.
After the demise of General Abacha came the times of General Abdussalaam who handed over to a democratically elected government of General Obasanjo.The rise in price continued to the disappointment of Nigerians.
N11 - N20 - N22 in the year 2000
N22 - N26 in 2001
N26 - N40 in 2003
As may have observed,all this happened during the years of General Obasanjo,who later further jerked up pump price to N65 and finally to N100/ litre just before making his exit.
Late President Yar'adua was nice enough to bring the pump price back to just N65 a price that was maintained till his death. However, with Oga Jonathan,the journey continues,on New year eve,very few Nigerians could possibly forget that year's first Presidential speech.President Jonatrhan greeted Nigerians with an increase in pump price presenting the same old story of fuel subsidy removal as an excuse. It got to a point,we were told to get ready to pay up to N144 per litre!
Fuel subsidy,independent marketers and the OIL CABALS were the talks we hear day in,day out in Nigeria during President Jonathan's administration.Now,we are in General Muhammadu Buhari's regime and fuel subsidy removal is now making rounds again along with the characteristic fuel scarcity and black markets.Bros,for how long are we going to continue like this?
Fuel Subsidy Protests
Just today I read in the news that oil workers are planning to stage a protest against the proposed fuel subsidy of the Federal Government.Sometimes I wonder if staging of protests has not been abused long enough.Every now and then,people would come out and say they are protesting one thing or the other...I tire o!
Anyway out?
I know that most Nigerians are wary and tired of the fuel saga.Nigerians are tired of the fuel subsidy talks...it has going on for far too long. Now, the question now arises...what's the way forward???
This shall be the point of continuation tomorrow,God's Grace...see you tomorrow!
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