The Presidential candidates of the four leading political parties,Peter Obi, Atiku, Kwankwaso and Bola Alhmed Tinubu during the last election were all assertive that fuel subsidy must be removed.
In fact ,the Presidential candidate of labour party ,Peter Obi described the scheme as 'an organized crime", promising to remove fuel subsidy, the first day he resumed office .
In his own case, President Tinubu promised during his campaign to end the subsidy regime because it was no longer sustainable. You will recall that the policy was introduced then as an intervention policy to address the challenges of the vulnerable group in the country, unfortunately the policy has continued to outlive it's usefulness therefore the need to abrogate the policy has become inevitable by the new administration headed by President Bola Ahmed Tinubu.
The President carried out his threat with audacity upon assumption of office which is now generating outcry across the country. It's not as if Nigerians went against the removal of fuel subsidy policy but the jestapo approach by NNPC sets the stage for backlash against the policy which in my view was intended to blackmail tbis government.
The marketers and Nigerians are aware that 2023 budget still support subsidy till June tbis year . We expect that this period should be spent to come up with the template of new price regime and engagement with stakeholders, including NNPC.
What removal of subsidy means is that ,we are deregulating the petroleum business 100% and when we talk of deregulation, it means we are talking about a free market economy where market forces are allowed to control prices
In my view, the decision of the new administration to remove subsidy should be applauded because the president has taken a bold step to attack this hydra headed policy that has defied different solutions in the past
However, the role played by NNPC in the new price regime should attract attention. The approach of NNPC to appropriate and reprobate in a deregulated market economy calls for worries. In modern day business, transparency is the key driver of any successful business. Nigerians are demanding the template adopted by NNPC to arrive at the present price regime it released into the markets recently.
Nigerians are also surprised that NNPC is still trying to play the role of monopoly in a deregulated economy. This is seriously antithetical to free market economy as Nigerians will not be prepared to offset the cost of inefficiency of NNPC that has no record of transparency in conducting its transactions over the years.
The history of long demurrage usually incurred by mother vessels and unproductive transshipment offshore Lome by Nigerian bound cargoes with skyrocketed costs transferred to poor Nigerians are clear examples of inefficiency on the part of NNPC
In furtherance of it's lawlessness, NNPC collected fund from IPMA members( marketers) running into billions for over 6 months with some running into one year and yet to supply them any product ,this clearly shows lack of transparency and ability to discharge its obligations with decorum to the business community.
These marketers are in financial turmoil while NNPC is behaving as if it's above the law and imposing figures on Nigerians without proper examination by stakeholders and Nigerians.
Finally, while Nigerians are applauding the president for putting an end to this fraudulent subsidy policy ,we are demanding from NNPC to itemize how it came about the current price regime it released into tbe market even when the price of crude oil is falling at the international markets.
Secondly, Nigerians need to understand why NNPC and marketers didn't prepare for this subsidy removal regime long ago when it was glaring that this new administration will do away with subsidy upon assumption of office?
In addition, Nigerians want to know why NNPC still want to dominate the market ( monopoly) as an umpire in a deregulated markets?
It must be clearly understood that Nigerians are not ready to pay for the inefficiency of NNPC under whatever guise as NNPC is notorious for it's lawlessness but Nigerians are confident that Mr president will not condone such nonsense during his tenure.
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