The deregulation of the downstream sector of the oil industry proposed by the Jonathan administration offered great promise of economic prosperity for the Nigerian nation. Basically, it would certainly have ended the "fantastic corruption" surrounding the fuel subsidy transactions thereby raising amounts available to the FAAC to share among the three tiers of Government over the years. If the policy was backed by necessary strategic legislative frameworks such as the provisions of the Petroleum Industry Bill (PIB), great numbers of jobs would have been created and our nation would have been saved the new trend of militancy represented by the Niger Delta Avengers... Nigerians deserve apology from the champions of anti-deregulation campaigns that led to the unfortunate postponement of that policy.Be that as it may, the Buhari administration should be commended for taking this bold step, howbeit though belatedly and arguably at the most inconvenient moment in our economic history as a nation. The regrets of non-actualization of this policy under the previous administration vamoose in the light of the possibility (if not certainty) that its gains could have mostly been cornered by those kleptomaniac that stole and squandered our commonwealth large scale! With its acclaimed anti-corruption stance, the present administration has no more excuse, (not even the dwindling price of crude oil), not to surpass its promise to make life better for the ordinary people.
Now that so much money is spared with the removal of subsidy, the PMB administration should balance the equation immediately by approving a collectively bargained realistic new minimum wage that must be made binding, not only at all levels of Government, but most importantly in the private sector where people work like elephant and eat like rat. No more time should be wasted in passing the PIB and finding proactive ways to pacifying the ND Avengers rather than war-war with them. The recent bilateral agreement with China could be explored for the technology transfer required for the optimization of existing refineries and creation of new ones. Without these and other balancing measures, we are in for worse times, God forbid!
- Olusegun Lana
Secretary, Council of Academic Staff Unions of Osun State-owned Tertiary Institutions (CASUOSTI)
lanaolusegun@gmail.com
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