It is no longer news that prices of oil have fallen in the international market. But one wonders why the prices of petroleum products did not fall in Nigeria. Nigerians buy petroleum products as if the prices are soaring higher everyday at the international market. Often times, the federal government has come out to tell the citizens of dwindling economy that depends on oil that is falling in prices. Because of this, the federal government has vowed to block every leakage that gives room to missing revenue of the government. It is observationally clear, that this has reduced the cash in circulation in Nigeria.
Indeed, while few Nigerians control the cash, many Nigerians wallow in. abject poverty. Again, the federal government has introduced a policy of single account treasury. All in a bid to control and prevent diversion of funds that go into individual accounts. Well, some see it as a well development and others see it as a policy that hinders the transaction of government. Well, whatever be case, it has been introduced; and Nigerians are waiting for the smooth implementation and it outcome. But as Nigerian government tries to block the leakages in the economy, what about the refinement of the existing refineries?
Indeed, recently, Nigerians were made to face and unprecedented scarcity of petroleum products in the country. Nigerians suffered untold hardship and paid exorbitantly to purchase the products. The scarcity was attributed to non-payment of subsidy debt by FG and hoarding of the products by marketers. Whatever might be the argument, the question is for how long shall Nigerians suffer for what they produce?
Nigeria is the 6th producer of crude oil in the world, according Organization Of Petroleum Expecting Countries (OPEC) ranking. There are many non-producing countries of petroleum in the world, but their citizens, do not suffer as we do.
Today, as a result of mono-economy being practiced based on oil, the governors are worried about the minimum wage. Recently, the chairman of “Governors Forum”, the governor of Zamfara State, said some governors might be able to pay the N18,000.00 minimum wage to civil servants in their various states. Indeed, the pronouncement was a threat to the Nigerian Labour Congress. That statement has triggered public reactions from various quarters across the nation. According to revered distinguished, Senator Ben Murray Bruce of 8th National Assembly, governors spend more than N18,000.00 to feed their dogs monthly. Which means it is a degradation of the Nigerian civil servants if the minimum wage is slashed.
The labour leaders across the country are at alert waiting to see the full implementation that will lead to mother of industrial strike. No Nigerian is happy about the threat. It is believed tile political leaders in the country are worried about the state of the economy. But that should not be an avenue to further increase the sufferings of the civil servants. The bail out-funds by FG to some states should be judiciously used by the governors to the benefit of all and sundry. The bail-out-fund should be used to establish industries that will in turn enhance the revenue of the states.
The federal government should as a matter of urgent national issue rehabilitate and build new refineries to stop the importation of the refined products. The refining of crude oil within would help cushion the adverse effect on the economy. How would Nigeria not suffer severely more than other nations when her crude oil is being refined outside her shore. Other countries of OPEC are striving hard to improve their economies. Therefore, Nigeria should go beyond propaganda to reality. For many years, Nigerian government has made pronouncement of issuance of license to private individuals to build refineries. Till now, no new refinery is built by government or private individual. Who is deceiving who?
Nigerians want to see refineries working and new ones built to alleviate their suffering. If Nigeria refines her crude oil within the country, the adverse effect of the falling oil prices will be reduced on the economy and Nigerians. And the threat on the N18,000.00 minimum wage will be a forgone statement without execution. ####
FRANK ENEAWAJI OGWUONUONU
08028901682
