The recent increase in the pump price of petrol from N598 to N900 per litre is indeed a recipe for a national crisis of epic proportion. Already, many Nigerians are buying the product, where it is available, beyond N1,000 per litre. In the black market, petrol is sold between N,200 per litre and N1,300 per litre This is coming at a time the Dangote refinery has celebrated the rolling out of its first petroleum products, said to be of high quality. The Nollywood-like movie is unfolding at a time the minimum wage, which is yet to be implemented is pegged at N70,000 and the exchange rate is N1,590 per I USD. This is also happening against the argument that the removal of fuel subsidy and subsequent floating of the naira by the Tinubu administration will lead all of us to El Dorado or the so-called Promised Land, which will be flowing with abundant milk and honey.
Unfortunately, the APC-led government does not have all the answers to the poor performance of the economy since the Jagaban came to power. The economy is in shambles even before the coming of the Jagaban with his Emilokan vision. His predecessor, Muhammadu Buhari, ruined our diversity and our economy. His government was noted for embarking on a borrowing spree to the extent that it will take ages to pay the incurred debts to China and other creditors. President Bola Tinubu appears to be in love with the borrowing binge of his oga in office. Many state governors have joined the band wagon and even competing for who among them will borrow the highest. I learnt that Imo and Anambra are in that ‘borrow-borrow’ race. The alienated and marginalized citizens are watching the untoward desecration of democratic ethos in our fatherland or motherland. Those desecrating the tenets of democracy are doing it with great impunity in this political dispensation.
The hike in the price of petrol will further lead to hike in the prices of transportation, food items, essential drugs and other needs of the citizens. When Tinubu intoned ‘fuel subsidy is gone’ during his inauguration speech, Many Nigerians including those in APC and their supporters did not know the import of that innocuous statement, which was well-loaded with meanings and interpretations. Today, the subsidy is gone rhetoric is morphing to other things desirable and undesirable. It has added to the ruination of the already battered economy and helped to pauperize Nigerians the more. The government said there were 133 million Nigerians who were multi-dimensionally poor. The figure might have increased because of the fuel subsidy removal. Now a 50kg bag of rice which was sold for N35,000 before the unwarranted removal of fuel subsidy is now selling for over N90,000. Similarly, a sizable piece of yam which was bought earlier for N2,000 now sells for N6,000 or N8,000. A paint of garri which sold for N2,000 before now sells for N4,000.
Each time the government or the Nigerian National Petroleum Company Limited (NNPCL) hikes the pump of petrol, it inflicts more pains and suffering on the masses. Their purchasing power is further reduced and their power to even stand and shout is further curbed. However, there are masses that the pains will quicken their impulse to go on rampage. We all witnessed the EndSARS protest of 2020 and its dire consequences. We saw the recent ten days of rage of August 1-10 this year and its consequences and the waving of Russian flags of all countries. Before the insensitive hike in petrol price, there was the ‘Fearless October’ looming protest. Now that the pump price of petrol has been increased without any consultation or notice, the government and the country should embrace another protest by labour and other Nigerians. I am not so sure how far organized labour can go judging from the fact that labour has really never had a real protest under President Joe Ajaero. The government will always thwart it and they will at the end sing three ‘Gboosa’ for the president at Aso Villa and everything will be over.
Nigeria is about the only oil-producing country with a long history of incessant fuel price hikes. From the military regimes to civilian regimes, fuel price hike is like fun, a bazaar. It has never escaped any government. Nigeria is also the only oil-producing country without a functional government refinery despite spending billions of naira on routine turn around maintenance. The story of Nigeria is sometimes interesting. It is also boring and irritating at another time. It can be tragic or comic which is a sure reflection of reality.
But what is happening in Nigeria now under Tinubu does not elicit laughter. It elicits pains and suffering and misery. Nigeria should not be defined by negative attributes and as a land where nothing works including the democratic process. Those in leadership positions today must quickly rise to the challenge of nation building. They must ignite the fire of patriotism and nationalism in them to guide this country alright and make it reach its manifest destination and achieve the dreams of our forefathers. They should stop tending towards the cocoons of tribe and tongue which make mockery of our diversity. Our diversity should be a source of strength and never a source of friction.
The removal of fuel subsidy and removal of electricity subsidy is pandering to the wishes of Breton Wood institutions. The taking of IMF and World Bank’s pills by developing countries without circumspection has always been disastrous to their economies. Nigeria cannot be an exception. If America can subsidize food and other things for their citizens, Nigeria must not be quick in removing subsidy on fuel and electricity because the life of every Nigerian depends so much on fuel and electricity. Good enough, God gave us petrol for free. Why can’t all Nigerians enjoy the proceeds from our crude oil? We have reached a stage where the pump price of petrol should be predictable and the price of rice, beans, garri, and yam should be steady.
The incessant hike in the pump price of petrol is deleterious to the economy and inflicts pains on the citizens. The best thing the government can do now to avert national crisis is to revert to the old pump price of fuel. If the removal of fuel subsidy will make petrol to be scarce, what is the need for its removal? Why remove fuel subsidy and shut down the economy? How many companies have closed since the removal of fuel subsidy? How many firms have left Nigeria since the removal of fuel subsidy? They are legions. And may are preparing to leave.
Government exists to attend to the needs of the citizens, ensure better life for them and ensure their security. Under the present dispensation, Nigerians are not enjoying most of what the government should do to the citizens. It is pains and pains. The recent report that about 55,000 Nigerians were killed, and 21,000 abducted and N1billion paid for ransom in four years should worry those in government and make them live up to expectation. The leaders should make life better for all Nigerians and stop the ‘gwo gwo gwo ngwo’ dance when Nigerians are being inflicted with unbearable pains.
