Deregulating the Downstream sector of the oil industry is the best thing that can happen to the Nigerian economy at the moment. I therefore support that the price of Petroleum products be determined by the forces of demand and supply as it is the case in developed climes. But I have two problems that bothers on Accountability and Control;
I was not an advocate of the removal of fuel subsidy since that seems to be the ONLY social responsibility of the Nigerian government but since the impact of the subsidy is less than the amount we spend, it’s better to let it go.
1. Can the federal government tell us how much we are going to save from the withdrawn subsidy?
2. How will these funds be reinvested to the benefit of the poor masses who will bear the brunt of this increase?
3. What will the government do to convince the citizenry that these funds won’t be re-looted?
4. How will the regulatory authorities ensure that the marketing companies do not gang up against the citizenry even if there is a drop in the price of crude oil or improvements on our foreign exchange rates?
5. What measures are the government putting in place to help our exchange rate that’s on a free fall?
I remember with nostalgia the time General Abacha increased the pump price of fuel to N11, the little subsidy that was saved lead to the creation of the famous Petroleum Trust Fund(PTF). The impact PTF had on the Nigerian economy then, in my opinion is the only record that made Nigerians believe in PMB even as they continually ignored the Gen. Abacha that created the agency.
So our big questions now are ?
6. CAN PMB GIVE US ANOTHER PTF?
7. HOW DO WE FIND ANOTHER “PTF BUHARI” IN THE PRESENT DAY NIGERIA?
SAVE OUR COUNTRY !
My name remains worried Uzo Ihuka.