N10 Subsidy Reduction, A Deceptive Campaign Strategy

The Taxi man that plies the road on daily basis, the private car own that drives through noddles to get to work every day, the other teeming ordinary Nigerians who don’t own a car but board the various available public conveyance, will see the pump price reduction from N97 to N87 (N10 difference), a good thing. But the question is, how good a deal is this offer presented to Nigerians by the Federal Government and why now?

I have taken time to do some critical analysis, putting the fallen oil price in consideration. Marking what other countries worldwide pegged their pump price (with many factors as a dependency ratio) and how the people benefit from the reviewed governments policy. In all my digging, one that continued to hit me badly is that of Nigeria, although am sure you know why that is -corruption!

Amid an unprecedented North American oil boom, gasoline prices fell worldwide by an average of 7.2 percent in the last six months. The cheapest gasoline prices since 2010 amount to about $500 in annual savings for the average gas-guzzling American. An attempt to draw up Nigeria’s own statistics in measure to the US ( a region that recently found oil) or the other oil producing countries especially in the Middle East and Africa, will continuously peddle the phrase, “Lord have mercy”.

The government always come to the people like THIEVES in the middle of the night. Before the wrap up of last year, the Finance Minister, Dr Ngozi Okonjo-Iweala, stated that the new oil price decrease is a serious challenge to the government of Nigeria, one that may lead to an austerity. If the Finance Minister is pushing for an austerity, why then will she be burdening the government with an unprepared and unnecessary expenditure by taken up the sweat of paying the N10 yanked off the subsidy? Why not completely remove the subsidy, an action any quality economist will advice the President on taking? Every rationally thinking government has taken the opportunity of reduced oil price to outrightly drop subsidy but the Federal Government of Nigeria is holding on to theirs for the sole purpose of continuing in total corruption.

Since 2009, the price of diesel has been deregulated, but up till this very moment, diesel is still sold at N150 to N170, the question to ask is, where has the deregulated money been going to? Whose bank account has it been entering?

For those of you who perhaps are rejoicing right now, the Federal Government is complicating your death sentence. President Jonathan didn’t do this because he loves you dearly, he did it because he intends to curry favour during this February election. If he truly cares for your plights as Nigerians, he will throw out of the window of the Nigerian economic system, SUBSIDY once and for all.

Stand up Nigerians, ask the necessary questions and make the necessary demands.