| HAVE YOUR SAY: THE OILY AFFAIRS OF A PROFLIGATE NATION BY DEMOLA ADEWUSI |
| Written by Demo Adewusi | |||||
| Tuesday, 10 January 2012 13:18 | |||||
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The article below was written by Demo Adewusi and expresses the writers feelings about the state of affairs in the Nigerian Economy. An interesting and insightful read!
 I have read and watched several arguments pervading the public domain since the announcement of the removal of the fuel subsidy. I have been very circumspect in pitching my tent during these turbulent times. However, it is clear that all Nigerians are justifiably angry. By Nigerians I refer to the majority of people who have their own hands in their own pockets!
Despite the fervent uproar that heralded this unpopular government policy, some things have been achieved. What amazes me is the speed at which these two things have been achieved: First, the truth is coming out concerning the mono-trade that props-up our nation. Veiled behind contrasting facts, figures and extrapolations is the truth. More people have come out with their own versions of the real reason why Nigeria needs to stop a subsidy that should not have existed in the first instance.
Second is that Nigerians have become more perceptive at seeing the big lie that has been sold to them for the past fifty years.
The government has been a big lie, its policies a poignant reminder of the wickedness of man to man and its appetite for waste compares only to Usain Bolt’s abilities to break his own world records over and over again. Subsequent Nigerian governments have elevated corruption and wasteful spending to a new art form. No stable nation competes with us in this genre, we are record breakers.  Widow of Gani Fawehinmi, Ganiyat, protesting yesterday
Let us briefly examine the origins of the fuel subsidy, and the carnage of catastrophy that has followed. We discovered oil in the southern part of Nigeria and sited refineries in Warri, Port Harcourt and Kaduna. In typical Nigerian style, our refineries were left to deteriorate while turn around maintenance contracts were constantly awarded to incompetent firms. Miraculously, our leaders also forgot to build additional refineries to cater for the burgeoning population. Our three refineries were built when Nigeria’s population was about eighty million people. While we doubled in size, our leaders were more focused on lining their own pockets than planning for a growing population.
As far back as the Babangida years, Nigeria had been experiencing shortfalls between internally refined petroleum products and actual demand for petroleum products. Professor Tam David West managed the challenge by exchanging crude oil for finished products. He devised a system where countries were paid in crude oil for refining petroleum products, ensuring that nobody made money from the situation.
This problem of lack of internal capacity to refine crude oil is perennial, just that the politicians took over and devised a clever way of making money from their own incompetence.
The politicians created a class of super rich Nigerians who became cohorts in funding elections and perpetuating corrupt people in government. How else can you explain the fact that everyone who has donated two hundred million naira to the presidential campaign fund in the past two elections are all major players in the oil sector? How would they be paid back? SUBSIDY!
People like Aliko Dangote, Femi Otedola and Wale Tinubu all became purse keepers and financiers for the politicians, empowered and capable to provide cash for political conquest. Some of them barely existed ten years ago! The politicians neglected the refineries, did not build new ones and created the elaborate scheme of phantom subsidy in order to solve their own problems, not ours!
Like all businessmen, the “oil marketers” were quick to sense opportunity. Several of them set up accounts with banks to harness the business opportunity of subsidy, not petroleum products marketing.
For the rest of the article click here http://cutting-edge-view.blogspot.com/2012/01/oily-affairs-of-profligate-nation.html?m=1
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