FUEL SUBSIDY: MY YES AND NO ABOUT IT. Written by KEMKA S. IBEJI
When I said NO, it was coming from my deep reasoning about our country and citizens. I could find out that in all our blessings with the natural resources, Nigerians have not and cannot place hands on any tangible benefits to the common citizens of Nigeria except the subsidy. It was a direct way of giving the resources back to the people or some form of palliative to the masses and even in a more refined manner than the Trader Moni shared around in cash by any government, especially now.
What is this subsidy after all?
Subsidy means that the government is paying some percentage of the cost of Oil and Gas products used by the citizens. That is to say that, assuming that the actual price of petrol is #240 naira liter in the normal market today while the petrol stations are selling at #140 per litre, the #100 difference is being paid by the government through the resources of the government itself. Of course, we all know that the major source of the government's mainstay is the Oil and Gas. In subsidy, therefore, the government is directly returning part of the benefits of the natural resources and endowments to the citizens. I do not see anything very wrong about this except you have a superior argument on how the government would have utilized the funds for more beneficial purposes. But I still think it was a better refund than sharing raw cash in the markets, streets and roads. So throwing away fuel subsidy and accepting Trader Moni and the likes is growing down and bad.
When I also said no, especially during the President Goodluck Ebele Jonathan's regime, it was because I never trusted them with the excesses and extras coming to the government that was already wasteful and vehemently corrupt. Seeing accusations and counter accusations within the ranks of the government was not kind enough for trust. Trusting a government which CBN governor was accusing the government of stealing $48 Billion was too much of an expensive joke and enjoys the discouragement of even the simpletons. I also said NO to subsidy removal.
Sentiments and emotional judgements came in when, out of excessive love and huge trust on President Muhammadu Buhari, we gladly (perhaps foolishly) and willingly gifted him our fuel subsidy. The President promised us of refineries and the drastic positive effects it will engender especially on the pricing of the fuel pump price and other unstated ripples we could think out by ourselves, all things being equal.
Sometime between 2016-2018, I cannot remember with precision now, we allowed the government to remove the fuel subsidy which made the price of petrol jump from #87 to #140 per litre. We did this out of trust and believed it will have good results. President Muhammadu Buhari enjoyed this great level of trust from Nigerians and even those from the opposition could not give less.
It is, however, very uncanny and despicable to see or hear anyone in this government mentioning subsidy removal as the precursor of the current dish-dash in the pricing plane of the petroleum pump price. I, nevertheless, will hold the government responsible for anything so far, whether good or bad. And if the actors of this government are to be counted as responsible men and women, they must own up to the outcome of their choices. Whatever is the cause of the recent hike and upwards pricing of the petrol pump price, the government should stand to be counted.
In conclusion therefore, I wish to state that subsidy within the realms of the quality of our leadership remains a valid idea and should not be removed. If this argument is anything to go by, it is to call this government to return the price of the petrol products in Nigeria to #67 which is where late President Umar Musa Yar'Adua maintained it till his unfortunate demise. Even the fruitless partial removal entered by former President Goodluck Jonathan and team of 'Squealers' should be quickly abrogated and rejigged.
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