One of the foremost policy statements the president made to the citizenry on assumption of office was the abolition of fuel subsidy.
As harsh as this decision was, a cross section of economic analysts opined that it was a long overdue decision, as the so-called subsidy if continued could lead to economic frailty, fragility and ultimate collapse.
However, taking cognizance of the fact that the nation runs on a mono-cultured economic model,the multiplier effects of this decision could be better imagined than experienced.
Faced with excruciating poverty, skyrocketing prices of commodities, outrageous transport fares and all manner of post-subsidy removal aftermaths,the Nigerianess in Nigerians was battling to align with this stark realities when a further hike in petroleum prices was announced on the 18th of July by the national oil company(NNPC),who moved the price from over N500.00 to N617.00 per litre.
This development apart from being worrisome calls for serious concerns and intervention as it thus appear as though the nation is on a hiking spree with no end in sight for this worrisome development.
Granted that in a deregulated market,forces of demand and supply drive pricing and the sector is currently bereft of any pricing regulation,allowing this to subsist in a nation with a great deal of reliance on fossil fuels can be detrimental,counter-productive and colossal.
For a nation with an abundance of oil currently ranked as one of Africa’s largest producers globally, it is nothing but a misnomer that she should be talking petroleum products importation and classed as an import destination rather than an export hub.
The questions to ask at this juncture are plenteous and could be termed rhetorical. For instance, one could be tempted to ask if village people have afflicted our moribund refineries? Or what could be the reason for this penchant for chronic importation of petroleum products rather than exportation?
While the myriad of questions begging for answers have remained same way with no imminent solution in the offing,it behooves on this new administration to step in and settle the dust that has gathered with this perennial price surge while relieving the citizenry of the chronic suffering they have been subjected to as a bye product of this situation that cannot be swept under the carpet as mere happenstance.
In the spirit of renewed hope, we envisage that the people’s hope will be rekindled with an urgent executive intervention. Nigerians have long groaned due to an avalanche of issues,this price surge must not be an addendum.
*Edidiong S.Akpabio, Author, Researcher and Public Affairs Analyst, can be reached on [email protected]
