By Amos Isaac Tasheyon
News
been carefully peddled by the media into public sphere is the alleged plan by
the Federal government to increase the price of fuel a major commodity that
determines the terms of trading across the country, in order to meet the
current economic reality of the exchange rate with the dollar and full deregulation.
This advice was propagated by the comity of former Nigeria National Petroleum
corporation Group managing directors after a meeting on Sunday. It primed to
the fore the biting questions on regulators mind imminent government decision
especially the Petroleum Price Product Regulatory Agency's stance in tandem
with economic realities and exchange rate with the dollar. You will recall the
federal government increased the price of premium Motor spirit in May in order
to meet complete deregulation plans and end the scandalous subsidy regime.
President
Buhari has had more than a fair share of Nigeria's economic woes, with the
global oil crash it has been a torrent shower of hardship on the economic due
to the commodity's stake the economy mainstay. With heavy dependence on
exporting crude, failure to save by previous administrations, dysfunctional
refineries no doubt Nigerians cannot enjoy the flipside dividends of the oil
crash market. President Buhari is now in a catch22 on whatever to continue full
deregulation policy and increase the fuel price with current exchange rate
reality or reverse the subsidy regime earlier done away with as measures to
provide palliatives for Nigerians who are already groaning big with the
realities of a recessional economy.
This
is the ends of poor choices and cluelessness. With a weak economic team, impromtu
economic plans, abstinence to consult widely the economic problems of Nigeria
has exacerbated under the present administration. No doubt President Buhari has
an unapologetic vision to fix this country for good but the two many square
pegs in round holes decisions the administration made at its inception has
destroyed such intent, plans and purpose. Maybe a replay of his millitary
regime in 1983-1985 every event seems to be swinging towards that
direction.
Its now a time for a bold decision
unless an economy miracle see the light of the day. I guess the aftermath
meeting of Mr President with the Minister of state for petroleum Ibe Kachikuwu
and Managing director Of the NNPC Maikanti Baru was a dead rubber, the manner
in which Mr. Ibe answered state house correspondent at the end of the close
door meeting and his buck passing approach is a revealer, Baru too as quick in
picking up the buck and dumping it at the doorstep of the PPPRA as the bad guy
with intent to increase the fuel price.
Everyone looks forward to President Buhari's crystal ball panacea if the
fuel price is hiked, Nigerians are in for more tougher hard times. Prices of
goods and services that have skyrocketed will triple rise. Fingers are
crossed.
*Isaac writes from Legal Kekenke
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