By Dele Sobowale

“If fuel subsidy removal is going to be your opening gambit in this complex game of economic-chess, you might as well return to your desk at the World Bank.” Dele Sobowale, August, 20II. Advice given to Dr Okonjo-Iweala.

When that piece of advice was given, there was no illusion that it would be taken seriously. There was also no doubt in my mind that you will ruin your credibility with large segments of Nigerian society if you ignored it. Predictably, you went on the offensive with calls for fuel “subsidy removal”.

I watched from a hospital bed as you and the Minster of Petroleum Resources, Mrs Diezani Alison-Madueke, danced around the stage at the Muson Centre trying desperately to convince the audience that what was a monumental fraud perpetrated by a few people in collusion with NNPC officials was actually subsidy.

One nurse coming into my hospital room saw tears in my eyes and assumed that I was in serious pain. I was indeed; but not from arthritis. I cried for you; because you have been misled by Mrs Allison-Madueke and others. You not only believed them totally, you failed to cross-check their figures.

Then you hastily produced a SURE document, more figment of imagination than a real guideline to action. Even a good primary five pupil could see that there was no way all the projects listed could be financed with NI.34 trillion. That was a self-indictment – publishing deliberate “inexactitudes”. By now, millions of copies of the SURE document have gone up in smoke – at a cost of millions of naira to our country. That did your reputation no good.

You moved from one calamity to another very rapidly. The National Assembly, NASS, was busy exposing the fraud, you called subsidy, when you made the bid for World Bank President. Granted, anybody has the right to aspire to any position on earth. But, for two reasons, your bid was in bad taste.

One, any student of economics, invariably, takes a course in international financial institutions – World Bank IMF, African Development Bank etc. We all know that the two Breton Woods institutions, World Bank and IMF, had been “zoned” to the United States and Europe permanently.

And, until the fundamental agreements are changed, no citizen of another continent can aspire to the positions of World Bank President or Managing Director of IMF. So, what were you doing, playing to the gallery of “know-nothings” in Nigeria and contesting for the job? With the US dollar, as the universal reserve currency, did you really expect the US to hand the World Bank to a Nigerian? Come on, Madam, some jokes are too expensive.

Two, when asked why you accepted to be Finance Minister for the second time, your answer was very inspiring. According to you, as a patriotic Nigerian, you have a duty to help your country. But, less than six months after, with your country in turmoil over “subsidy removal”, to which you contributed, you were eager to bolt back to the World Bank; and you would have gone – if the door was not slammed on your face.

To be candid, Madam, you lost my respect right there and then, and, if I were Jonathan, you would have been sacked after your failed attempt to leave us a second time. Nobody, not even you, is indispensable. As late President Charles De Gaulle reminded us, “The graveyards are full of indispensable people.” (VANGUARD BOOK p I02). No nation should entrust its most vital functions to people wanting to add to their cvs.

Finally, we are confronted with three major perils on account of functions within your portfolio. First, budgets are either poorly or not being implemented at all. Legislators now call you “a liar” openly. Others, more polite, dispute your figures – which are actually dodgy. And, you probably know it.

Second, debts, which you came to remove in 2003; and, which you preached against, are rising again. Yet, there is nothing to show for it. Instead of helping us, you now justify the rising load. People now ask, “Where does she stand?” Third, funds are being siphoned from the Federation account, illegally, by the NNPC, the CBN and the Presidency, without your knowledge.

Illegal accounts, probably operated as slush-funds are opened while you sleep. Over N500 billion (I2.5% of the year’s budget) was paid secretly to an oil and gas company, whose major stakeholder conveniently is from Bayelsa State, behind your back. All you are asked to do is to defend each and every illegality. That, to me, is the perfect definiti
on for a figure head.

The truth is, Madam, you are not in control. Your boss needed a heavy-weight window dressing and he procured your services. Now, the curtain is being shredded. Your credibility has been damaged; perhaps irreparably. It’s time to move on; for your own good and for Nigeria’s. The man, or woman, for all eras, no longer exists. In many respects, you don’t fit into this team of mostly incorrigible liars.

P.S. I don’t expect this advice to be accepted either. Power is enticing.  Dr Ndidi Okereke-Oyiuke received similar admonition in 2008, asking her to leave the Nigerian Stock Exchange, NSE, before the roof caved in. She didn’t. Now, there will never be a send-off party for the former DG-NSE.