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Thursday, September 29, 2022

The intermittent dislocations to supplies will always occur

Nigeria has perfected the art of blaming principalities and powers for all its woes. We forget that the pull-them-down conspiracy theory syndrome can only thrive in the face of weak foundations, lack of infrastructures and inability to play in the value chains of all our abundant natural resources.

One of the touted achievements of this administration is the eradication of fuel queues across the country. Today the queues are back and excruciatingly painful. This is happening because it is an APC government. It is happening because almost every facets of our governance is driven by cosmetic approaches built on quick sands and without proper foundations.

As crude price and foreign exchange regimes move northward, the burden of importing PMS in a dollar driven global markets becomes a headache for import dependent nations like Nigeria. To complicate matters, vandalism is on the increase, illegal bunkering, sabotage and crude theft are also not abating.

Which country survives such damages to the anatomy and physiology of its economic base without quaking?

Right now, we have moved from under recovery to subsidy payments, which PMB said was a fraud before he became President.

No matter how much we try to palliatively deal with fuel supplies, unless Nigeria returns to the production of home based refined products, the intermittent dislocations to supplies will always occur. If PMB hands over the deregulation policy and full implementation of the PIA to the next President, most of 2023 will be fraught with increasing subsidy payments with its attendant corruptive tendencies, budget deficits, looming scarcity and borrowings, etc.

We as Nigerians have a choice to make. A choice to continue with the status quo, or pressuring the government to  manage our oil and gas  industry using new approaches or models.

Grace and peace!!!

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