By Sonny Atumah

‘’Don’t trust anyone over thirty.’’ That is Jerry Rubin (1938-1994),U.S. activist and author’s quote. I do not know whether some will believe himbut itseems to capturethe sour relationship between two assembly pals and ally, Speaker of the House of Representatives,Yakubu Dogara, and immediate past Chairman of the House Committee on Appropriations, AbdumuminiJibrin over 2016 budget proceeds. Jibrin in a fit of temper has had what some regard as a childish display of rage. Others say it is good for our democracy.

Yakubu-Dogara

Jibrin led the Consolidation group that ensuredDogara emerged Speaker against the All Progressives Congress’s (APC) preferred candidate on June 9, 2015. I hope there is no love lost as the actions of both gladiators increased the nation’s anticipatory mood for the 2016 Federal budget implementation still in the works eight months on.

Did Jibrin recently take a course in a normative science of Ethics which studies the norms of human conduct that he has gone to town with a new song against Dogara and abuse of office? “A Daniel come to judgment! yea a Daniel!’’ Is Jibrin playing Shylock in Shakespeare’s Merchant of Venice?Is the truth coming to light as the real Nigerian budgeting process is made unambiguous?

The admission is take away for Nigeria. It has been happening, has happened and would happen again. Accepting this interception on its merit, required a proper scrutiny to present us a percentile in budget interface between the executive and the legislature for Nigeria’s benefit. But if we see it as an APC affair to handle, we would have gone our usual easy way out; sweep under the carpet.

Soon after President MuhammaduBuhari submitted the 2016 budget estimateslate last year we were inundated with accusation and counter accusation between the legislature and the executive over missing budget. Itwas later ‘found’, butcrystallized into a ‘padded budget’, whatever that meant, and now listed in our corruption lexicon. Often times the perpetrators intentis to illegally benefit from proceeds of the act at the people’s expense.

The moment legislators delved into constituency projects and execution, legislative duties started suffering. Although some of them may say they are not involved in project execution, we know what ‘’follow the money’’as released is.  Some legislators pursue projects they inserted into budgets all through the ministries, departments and agencies. In connivance with some dubious members of the executive including civil servants, legislators insert projects in budgets, become executing contractors, and sometimes using proxies.

Chairman, House of Representatives Committee on Appropriation, Hon. Abdulmumin Jibrin

What would have been invested in the petroleum sector or elsewhere had been frittered away because of corruption and lack of transparency in budget processes over the years. Analysts have postulated that the over 2500 constituency projects estimated to cost N100 billion for 2016 would have made better sense if invested in our refineries.

Before the May 2016 wholesale Naira devaluation that amount could give us about US$500 million which could have gone a long way in rehabilitating these ailing and decaying refineries estimated to cost about US$1 billion.

We posted a record budget of over N6 trillion with no committee including the Downstream committee and the Appropriation committee of the Senate and the House considering refinery rehabilitation.And this had continued for over a long period whether in the previous PDP or the present APC governments. Not talking politics, Nigeria should be the issue and Nigerians the critical factor, so a bipartisan support is what is needed.

Our refineries qualify for constituency projects for all senators and members.The excruciating costs of premium motor spirit, PMS;dual purpose kerosene,DPK; and automotive gas oil, AGO are crippling businesses all over the country yet we investin constituency projects that are sometimes self-serving yearly.At the time Nigeria increased petrol price by about 67 percent, fire-sale prices ruled the international market with gluts in crude oil and petroleum products markets. Household kerosene is at present not within the reach of vulnerable Nigeria.

Investments in the downstream would keep many people busy without the tensions as we have witnessed in Nigeria. Wood Mackenzie’s long term oil product market forecast is a surplus of gasoline expected to flood the market as early as 2017- in contrast with what is happening right now where refiners are struggling to meet gasoline demand growth.

The Petroleum Industry Bill is a Bill for an Act to Provide for the Establishment of a Legal, Fiscal and Regulatory Framework for the Petroleum Industry in Nigeria and Other Related Matters.  The bill proposed the establishment of a progressive fiscal framework that encourages further investment in the industry while optimizing revenues accruing to government.

It is ironical that the National Assembly members, the privileged few beneficiaries of our cash cow, petroleumare still at a snail speed in the passage of the Petroleum Industry Bill. It behooves the patriotic, nationalistic, energetic and unflagging enthusiasms of senators and members to override personal interests. We have sung to high heavens to previous assemblies about that bill which would embolden potential investors to no avail.

From my experience and interactions in the petroleum sector, I know that the Bill will open up the 6000 investment opportunities that we have locked up by exporting crude oil and importing petroleum products. Investments in downstream would help diversify the economy along vertical linkages, create wealth, induce savings and investments, create employment, increase GDP and increase fiscal revenue, and reduce national destabilization tensions.

The Bill proposed Regulatory Agencies with body corporate and perpetual succession. It means the Agencies can sue and be sued. A good legal and regulatory framework is the main guarantee investors want.

The Assembly should at this critical stage in our development do a lot more in assisting the government in ways and means of generating more revenue rather than the bickers of who got what share from the till. Our Assembly should be distinct, of honour, decorum and patriotism. For now we are lucky we have a commonwealth that is not contributed by all as it is in the United States. Americans do not have the luxury of a national oil company that delivers crude oil sales revenue for sharing.

From the constitution the power of the purse is in the National Assembly but membersshould be accountable to us and represent our priorities. Our popular saying has it that a man does not carry the elephant on his head and look for ants to kill with his legs. Nigeria is in dire need of fiscal and monetary legislations that we must be up and at the assembly to get us out of the recession we are in. Our monetary and fiscal authorities must be kept on their toes to save our country. We must not abandon real problems and dwell on the absurd notion.