FUEL SUBSIDY REMOVAL, THE GOOD, THE BAD AND THE UGLY EFFECTS ON NIGERIANS. Deep insight by HON. JOSEPH AKINLAJA

FUEL SUBSIDY REMOVAL, THE GOOD, THE BAD AND THE UGLY EFFECTS ON NIGERIANS.
Insight by Hon. Joseph Akinlaja. 
The policy of fuel subsidy came up when all the combined refined products from the four refineries i.e.445,000 barrels per day became inadequate for local consumption in Nigeria.

Between the year 1965 and 1983, a period of Eighteen years, four refineries were built but from 1983 to date i.e. thirty eight years, not a single refinery has been built by the government yet Nigeria is growing in both Human and Vehicular population. Lately there are a few Modular refineries by individual Nigerians.


With intermittent acute shortages of petroleum products in the country, the Federal Government resorted to importation of petroleum products to augment local production.
The problem associated with imported petroleum product was high-price due to the triple problems of price of Crude oil, Exchange rate and Freight to and from Nigeria.

The high-price of petroleum products attracted round condemnation of the Federal Government from Nigerians, especially from the Labour movement and other social organizations
In response to the severe pressure, the Federal Government under President Babangida , therefore introduced the policy of fuel subsidy, to stem the tide of popular pressure against high-price of Petrol, Diesel and Kerosene as time went by, the Federal Government went back to deregulation of Diesel and Kerosene, leaving the price to market forces to determine.

The good part of removal of subsidy will be more money left in Federal Government's coffer, for other developmental purposes. At the peak of oil subsidy in the country, the government spent over One Trillion Naira per annum on oil subsidy. Another good part of removal of fuel subsidy will be the collapse of the dubious and fraudulent importers, who recycle fake documents to claim subsidy from government without importing any petroleum products into the country. Also fraudulent middlemen milking the country through fuel subsidy will be eliminated from their nefarious activities.


In conclusion, The bad aspect of the fuel subsidy removal will be the return of very high-price of petroleum products leading to runaway inflation beginning with transportation price of all goods and services. Possible oligopoly by the producers and importers of petroleum products. Another issue would be government continued disinterestedness in making our Local Refinery to work. High level corruption would manifest itself in the industry with impunity as all regulatory agencies would be weakened through POCKETISM.
 
Hon. Dr. Joseph Iranola Akinlaja.






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