By Akoma Chinweoke

The new administration of Gen. Muhammadu Buhari, has a lot of work to do  if it must change the dwindling fortune of the country.  Nigerians are still battling to cope with the negative effects of the crippling strike embarked upon by oil marketers  recently over the contentious outstanding subsidy claims of over N200 billion which  grounded the already sick economy an act  described as sabotage by the out-going administration.

Prince Wale Oyekoya, MD Bama Farms Ltd/Agric analyst in this interview takes a look at the effects of incessant fuel scarcity on the country’s  battered economy and warns that it might lead to food crisis and shortages in the long run.  Excerpts:

The multiplier effects of fuel scarcity on Nigeria economy especially on social and economic aspects cannot be quantified on monetary loses alone but also the psychological and emotional effects on the citizens. Nigerians are too sentimental and too naive when it comes to condemning our so called leaders who does not care about the people that voted them into offices. Our National Assembly members are puppets and have been compromised and have no feelings for the masses that they are supposed to protect.  All they are interested in is how they can exploit and make more money out of the poor masses.

What is happening now is nothing but mismanagement of our economy and resources by the outgoing government. Lack of transparency and corruption is the root of all these fuel problems and the subsidy scam. The country have been poorly managed under the administration of Goodluck Jonathan and we can all see the consequences of it now affecting both our social and economic aspect . There is no petrol, diesel, light, security, good road.

*File photo: Fuel sold in black market

Businesses are folding up, farmers and people in the Agric value chains are crying while their businesses have collapsed. All the outgoing government propaganda is now been exposed. This is the kind of  result any  government that fails to listen to his people gets. Running government with family members and political associates is like a time bomb waiting to be explode.

This crisis will surely bring food crisis and shortages in the long run. We have been preaching diversification of our economy into agriculture as far back as five years ago but the Jonathan government have refused to listen to us because we are not in government and everything is exploding to our faces now. Pump prices of 250 to 300 naira and black market of 400 to 600 naira is outrageous and unacceptable by the citizens especially when we produce this products in our country. The most annoying part is the non -challant attitude of our government officials who have refused to address the nation on the issue.

The president only address the nation lately on the crisis and the petroleum minister, Mrs Dieziani has been looking for soft landing and to cover up for her mismanagement of the oil sector and our coordinating minister of finance, Dr. Okonjo Iweala that disbursed the infamous subsidy money is not making the matter better. It all bugs down on corruption of the highest order. We are all guilty of this lingering problem. It’s a known fact that our government officials are very corrupt and we the citizens condone it by not doing anything as if we do not  have any fundamental human rights while they live large on our money and we the masses live in abject poverty.

The incoming government of Muhammadu Buhari, should be prepared to face the daunting and mammoth challenges that lay ahead. The country have been poorly managed for the past sixteen years and it will take time to fix it and not overnight corrections. Our new  president  needs our prayer and cooperation as a whole as he can not do it alone.

Way Forward

The immediate short term solutions is to sack most of the corrupt NNPC and DPR officials and our oil marketers as they are Nigeria’s main problem and empower NNPC to ship in the products and distribute accordingly at a lower price because NNPC is more equipped and have the financial backings than the oil marketers.

Subsidy is a good policy that was meant to favour the masses as the products was supposed to be sold at a very reduced price but it’s the opposite now and Nigerian citizens have become slaves in our own country shackled by few greedy and selfish elites. The government implementation of the subsidy policy have been so poor  and have been part of the conspiracy to suffer Nigerians.

Therefore, oil subsidy have to be scrapped and throw into the dustbin. The incoming president, Muhammadu Buhari have to step on so many toes because these toes stinks. He has to remove fuel subsidy now and save the counry trillions of naira been spent on it that only favour few elites and cabals. This huge sum can be used for education, health, infrastructure and agriculture for the good of all.

Also, he should repair our refineries and build more to reduce the price at the pumps and create employments to Nigerians especially the youths and stop the importation of the products and save some foreign currency and build our foreign reserves which will also reduce our foreign debts.