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