Pius Adesanmi - It Will Get Worse Before it Gets Better

One argument being pushed by the Federal Government (via Osinbajo et al) and supporters of fuel subsidy removal (appropriate pricing, deregulation, downstreaming, market remedy - they have called the beast so many names my head is spinning) borders on the idea of the impenetrable darkness which always looms before the glorious light at the end of the tunnel. This is a very seductive argument, supported by the great spiritual and literary texts of the world. It is a powerful motif in literature, a recurrent theme in myths and legends: great difficulties, pitch darkness, then, light!

In the great literary mythologies, from the Greeks to the Romans, via Ananse in Ghanaian folk tales and the Tortoise in Yoruba folktales, pitch darkness and the light that follows it at the end of the tunnel are always moderated by one inescapable element: sacrifice. So here is the basic plot of one of the greatest motifs in human imagination: darkness + sacrifice = light. The emphasis is on sacrifice.

FUEL SUBSIDY REMOVAL: TWELVE REASONS WHY DECISION IS RIGHT

01: Trillions of naira have been spent by successive administrations sustaining a corrupt, largely abused regime that has ended up in private pockets, creating overnight billionaires who continue to walk free.

02: Petrol subsidies over the years have caused supply disruptions and engendered inefficiencies in their management.

03: Under the current low oil price environment, dwindling oil revenue and shortage of foreign exchange, deregulation would partly reduce the pressure on the naira and foreign reserves


04: With deregulation, importers of petrol can source for their dollar requirements from autonomous sources, which would ease pressure on the naira and foreign reserves