Sunday, November 1, 2026
  • About Us
  • Advertisement
  • Privacy Policy
The Daily Crucible
Advertisement
  • Home
  • News
  • Business
    Binance Buys Back Tokens After $6.3bn Loss in History’s Biggest Heist Linked to North Korean Hackers

    Binance Buys Back Tokens After $6.3bn Loss in History’s Biggest Heist Linked to North Korean Hackers

    Dangote Group Eyes $36bn Revenue as Lamu Refinery Project Advances

    Dangote Group Eyes $36bn Revenue as Lamu Refinery Project Advances

    Don’t Use School Fees or Sell Your House to Buy Dangote Refinery Shares, Emir Sanusi Warns Nigerians

    Don’t Use School Fees or Sell Your House to Buy Dangote Refinery Shares, Emir Sanusi Warns Nigerians

    SEC Warns Investors as Dangote Refinery Opens N2.15tn Share Offer

    SEC Warns Investors as Dangote Refinery Opens N2.15tn Share Offer

    Johnson & Johnson Offers $5.5bn to End 69,000 Lawsuits Over Claims Baby Powder Caused Ovarian Cancer

    Johnson & Johnson Offers $5.5bn to End 69,000 Lawsuits Over Claims Baby Powder Caused Ovarian Cancer

    Lafarge Africa Rebrands As HBM Nigeria Plc, Signals New Era Under Huaxin Ownership

    Lafarge Africa Rebrands As HBM Nigeria Plc, Signals New Era Under Huaxin Ownership

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Property
  • Politics
  • Education
  • Lifestyle
    Nigerian Model Oma Osele Wins Miss Continental World 2026 Crown

    Nigerian Model Oma Osele Wins Miss Continental World 2026 Crown

    ‘Career and Motherhood Can Coexist,’ Eugenia Abu Urges Women To Build Families Early 

    ‘Career and Motherhood Can Coexist,’ Eugenia Abu Urges Women To Build Families Early 

    Babatunde Adeyemo: Celebrating a Visionary Leader, Philanthropist and Real Estate Champion on His Birthday

    Babatunde Adeyemo: Celebrating a Visionary Leader, Philanthropist and Real Estate Champion on His Birthday

    Amaka Okeke Denies Affair With Frank Edoho, Threatens Legal Action Against Accusers

    Amaka Okeke Denies Affair With Frank Edoho, Threatens Legal Action Against Accusers

    Tega Breaks Silence Over Alleged Affair With Frank Edoho, Threatens Legal Action

    Tega Breaks Silence Over Alleged Affair With Frank Edoho, Threatens Legal Action

    Frank Edoho Breaks Silence On Alleged Affair Between Ex-Wife Sandra and Singer Chike

    Frank Edoho Breaks Silence On Alleged Affair Between Ex-Wife Sandra and Singer Chike

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
  • Entertainment
    D’banj Pours Out His Heart in Emotional Tribute to Late Son – ‘Daddy Loves You Specially’

    D’banj Pours Out His Heart in Emotional Tribute to Late Son – ‘Daddy Loves You Specially’

    Wale Jana Weighs In as Toluwanisings’ Family Feud Deepens Over Singer’s Final Resting Place

    Wale Jana Weighs In as Toluwanisings’ Family Feud Deepens Over Singer’s Final Resting Place

    “See-Finish” Has Stripped Nigerian Musicians of Their Mystique, Star Power – Rudeboy

    “See-Finish” Has Stripped Nigerian Musicians of Their Mystique, Star Power – Rudeboy

    ‘Make A Promise To God That Your Next Sex Will Be With Your Spouse’ — Nathaniel Bassey Tells Hallelujah Challenge Participants

    ‘Make A Promise To God That Your Next Sex Will Be With Your Spouse’ — Nathaniel Bassey Tells Hallelujah Challenge Participants

    How Blessing CEO Collected N69m From Me Posing As Property Owner — Witness Alleges

    How Blessing CEO Collected N69m From Me Posing As Property Owner — Witness Alleges

    BREAKING: Veteran Actor Francis Duru Dies at 57, Nollywood Mourns 

    Trending Tags

    • Golden Globes 2018
    • Grammy Awards
    • Explore Bali
    • Champions League
    • Harbolnas
  • Sports
    Kane Ends 25-Year Wait, Crowned 2026 Ballon d’Or King

    Kane Ends 25-Year Wait, Crowned 2026 Ballon d’Or King

    ‘Joshua Is Done!’ Hrgovic Urges AJ to Retire After Latest Knockdown

    ‘Joshua Is Done!’ Hrgovic Urges AJ to Retire After Latest Knockdown

    Osimhen’s Return for Friday’s Turkish Super Lig Match Not Certain

    Osimhen’s Return for Friday’s Turkish Super Lig Match Not Certain

    Phyna’s Better Training Gives Her the Winning Edge Over Me — Nkechi Blessing

    Phyna’s Better Training Gives Her the Winning Edge Over Me — Nkechi Blessing

    Why Burna Boy Was the Perfect Fit for 2026 FIFA World Cup Anthem ‘Dai Dai’ – Shakira

    Why Burna Boy Was the Perfect Fit for 2026 FIFA World Cup Anthem ‘Dai Dai’ – Shakira

    Petition to Ban Argentina From FIFA World Cup Surpasses 23 Million Signatures

    Petition to Ban Argentina From FIFA World Cup Surpasses 23 Million Signatures

    Trending Tags

    • Champions League
    • Explore Bali
    • Harbolnas
    • United Stated
    • Market Stories
    • Litecoin
No Result
View All Result
The Daily Crucible
  • Home
  • News
  • Business
    Binance Buys Back Tokens After $6.3bn Loss in History’s Biggest Heist Linked to North Korean Hackers

    Binance Buys Back Tokens After $6.3bn Loss in History’s Biggest Heist Linked to North Korean Hackers

    Dangote Group Eyes $36bn Revenue as Lamu Refinery Project Advances

    Dangote Group Eyes $36bn Revenue as Lamu Refinery Project Advances

    Don’t Use School Fees or Sell Your House to Buy Dangote Refinery Shares, Emir Sanusi Warns Nigerians

    Don’t Use School Fees or Sell Your House to Buy Dangote Refinery Shares, Emir Sanusi Warns Nigerians

    SEC Warns Investors as Dangote Refinery Opens N2.15tn Share Offer

    SEC Warns Investors as Dangote Refinery Opens N2.15tn Share Offer

    Johnson & Johnson Offers $5.5bn to End 69,000 Lawsuits Over Claims Baby Powder Caused Ovarian Cancer

    Johnson & Johnson Offers $5.5bn to End 69,000 Lawsuits Over Claims Baby Powder Caused Ovarian Cancer

    Lafarge Africa Rebrands As HBM Nigeria Plc, Signals New Era Under Huaxin Ownership

    Lafarge Africa Rebrands As HBM Nigeria Plc, Signals New Era Under Huaxin Ownership

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Property
  • Politics
  • Education
  • Lifestyle
    Nigerian Model Oma Osele Wins Miss Continental World 2026 Crown

    Nigerian Model Oma Osele Wins Miss Continental World 2026 Crown

    ‘Career and Motherhood Can Coexist,’ Eugenia Abu Urges Women To Build Families Early 

    ‘Career and Motherhood Can Coexist,’ Eugenia Abu Urges Women To Build Families Early 

    Babatunde Adeyemo: Celebrating a Visionary Leader, Philanthropist and Real Estate Champion on His Birthday

    Babatunde Adeyemo: Celebrating a Visionary Leader, Philanthropist and Real Estate Champion on His Birthday

    Amaka Okeke Denies Affair With Frank Edoho, Threatens Legal Action Against Accusers

    Amaka Okeke Denies Affair With Frank Edoho, Threatens Legal Action Against Accusers

    Tega Breaks Silence Over Alleged Affair With Frank Edoho, Threatens Legal Action

    Tega Breaks Silence Over Alleged Affair With Frank Edoho, Threatens Legal Action

    Frank Edoho Breaks Silence On Alleged Affair Between Ex-Wife Sandra and Singer Chike

    Frank Edoho Breaks Silence On Alleged Affair Between Ex-Wife Sandra and Singer Chike

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
  • Entertainment
    D’banj Pours Out His Heart in Emotional Tribute to Late Son – ‘Daddy Loves You Specially’

    D’banj Pours Out His Heart in Emotional Tribute to Late Son – ‘Daddy Loves You Specially’

    Wale Jana Weighs In as Toluwanisings’ Family Feud Deepens Over Singer’s Final Resting Place

    Wale Jana Weighs In as Toluwanisings’ Family Feud Deepens Over Singer’s Final Resting Place

    “See-Finish” Has Stripped Nigerian Musicians of Their Mystique, Star Power – Rudeboy

    “See-Finish” Has Stripped Nigerian Musicians of Their Mystique, Star Power – Rudeboy

    ‘Make A Promise To God That Your Next Sex Will Be With Your Spouse’ — Nathaniel Bassey Tells Hallelujah Challenge Participants

    ‘Make A Promise To God That Your Next Sex Will Be With Your Spouse’ — Nathaniel Bassey Tells Hallelujah Challenge Participants

    How Blessing CEO Collected N69m From Me Posing As Property Owner — Witness Alleges

    How Blessing CEO Collected N69m From Me Posing As Property Owner — Witness Alleges

    BREAKING: Veteran Actor Francis Duru Dies at 57, Nollywood Mourns 

    Trending Tags

    • Golden Globes 2018
    • Grammy Awards
    • Explore Bali
    • Champions League
    • Harbolnas
  • Sports
    Kane Ends 25-Year Wait, Crowned 2026 Ballon d’Or King

    Kane Ends 25-Year Wait, Crowned 2026 Ballon d’Or King

    ‘Joshua Is Done!’ Hrgovic Urges AJ to Retire After Latest Knockdown

    ‘Joshua Is Done!’ Hrgovic Urges AJ to Retire After Latest Knockdown

    Osimhen’s Return for Friday’s Turkish Super Lig Match Not Certain

    Osimhen’s Return for Friday’s Turkish Super Lig Match Not Certain

    Phyna’s Better Training Gives Her the Winning Edge Over Me — Nkechi Blessing

    Phyna’s Better Training Gives Her the Winning Edge Over Me — Nkechi Blessing

    Why Burna Boy Was the Perfect Fit for 2026 FIFA World Cup Anthem ‘Dai Dai’ – Shakira

    Why Burna Boy Was the Perfect Fit for 2026 FIFA World Cup Anthem ‘Dai Dai’ – Shakira

    Petition to Ban Argentina From FIFA World Cup Surpasses 23 Million Signatures

    Petition to Ban Argentina From FIFA World Cup Surpasses 23 Million Signatures

    Trending Tags

    • Champions League
    • Explore Bali
    • Harbolnas
    • United Stated
    • Market Stories
    • Litecoin
No Result
View All Result
The Daily Crucible
No Result
View All Result
Home Opinion

Perennial Petrol Price Hike And the Rentier Nigerian Economy:  What Is Next For the Oil Producing Nation?

The Daily Crucible by The Daily Crucible
September 9, 2024
in Opinion
0
Perennial Petrol Price Hike And the Rentier Nigerian Economy:  What Is Next For the Oil Producing Nation?

…Nigerian leaders are not just the only problems of this country. But we as individuals too are contributing factors. Until when all hands are on deck, as such that professionals play their roles as expected, members of the academia, journalists, teachers, medical personnel civil servants etc. the current state of the country may remain persistent

 

By Adekunle Alaye

You might also like

Ode To Akeem Akintayo Amosun – From the Calculations of Finance to the Arithmetic of Service

The Catchphrase That Expired: Why “First On The Dial” Belongs To Yesterday

Political Vendetta and the Rule of Law: Did El-Rufai Hand the Federal Government a Legal Weapon?

 

Nigeria, according to the Organization of Petroleum Exporting Countries (OPEC) is the sixth largest Oil Producing Nation in the world. Ironically and paradoxically too, we may say, the same country remains the most importer of petroleum products in the world.

Nigerian States, since the return to the Democracy, over two decades ago, May, 1999 has consistently presented itself with such controversial panacea.

At such that despite her naturally endowed crude oil and other rich human resources the country is still uncontrollably staggered and shattered with a conjectural and disarticulated economic system.

The great African Political Economist and core Marxist, Claude Ake, personified a rentier economy state as “disarticulated economy”. In order words an economic system where a country consumes what she does not produce and export what it consumes.”

Of course, hike in price of petrol is not alien to the contemporary Nigerian States. Especially in the last 10 years. Late Umaru Musa Yaradua reduced it to 65 naira as against Obasanjo’s price of 75 naira in 2007 and later jacked up to 141 naira by Jonathan’s Government and again to 87 naira during the same administration.

Shortly after the the take over of Buhari’s Government, it was jacked up to 145 in 2016, 121 naira and 145 naira respectively. By 2022/2023 before his (Buhari’s) departure as Nigerian president, the price of Petrol was 195 naira per liter. And currently with the Tinubu’s government the official price of a liter of petrol is 850 naira.

Indeed, the current stage of Nigeria’s economy can not be entirely apportioned to the President Tinubu’s administration. Again, that is not to also exonerate the PBAT’ government anyway.

Even though, he claimed to have inherited a completely stochastic and disarticulated economy. However, the situation indisputably, could have been practically manged without necessarily compelling the country to this very catastrophic state she  has found herself.

 

I am very bothered and afraid for two salient reasons:

Should Tinubu step aside, does Nigeria and Nigerians have any better options to solve and bring the nation out of this critical situation?

When and how can Nigeria be better reoriented to manage or determine who governs them? Indeed these set of leaders are again products of the same society. “No sane society is governed by insane government and no insane society can be governed by any sane government (Adekunle Alaye).

There are four major refineries in Nigeria Two in Port Harcourt, Rivers State capital and one each in Kahuna and Warri Delta State respectively. On a very sad note, certain amount of money is being budgeted for the maintenance of these moribund facilities annually however, they remain nonfunctional, if not dead.

So, you ask yourself, what is being managed or where is the money designated for the maintenance of the facilities goes too? This is not just only fraudulent but killing to the Nigerian Economy.

Ironically, according to the Senate Committee on Petroleum, Nigeria has spent over $5 billion on the maintenance of the refineries. Yet an individual Nigeria, Dangote, was able to build the biggest refinery in Africa successfully. With perhaps a much lesser amount to the reckless spending of the Nigerian government in the last 10 years.

Would it not also interest you to know that the last time a refinery was built in Nigeria was during military government in 1986, by Babangida’s government. So imagine the current state of the country’s population and the number of consumers comparatively to that time.

I close this article with this aphorism that Nigerian leaders are not just the only problems of this country. But we as individuals too are contributing factors.

Until when all hands are on deck, as such that professionals play their roles as expected, members of the academia, journalists, teachers, medical personnel civil servants etc. the current state of the country may remain persistent.

Again, I leave us with the question:

Should President Tinubu step aside today, do we have a better option or an individual with altruistic nature that can take over from him, to solve such episodic conundrum that has incorrigibly handcuffed Nigeria’s development or we may again, end up having a “disaster”?

•Adekunle Alaye, PhD.

 

•Opinions, positions or thoughts expressed here are personal and strictly of the writers/authors and not The Daily Crucible.

Previous Post

Miracle Soap & Water: NAFDAC Probes Prophet, Seals Table Water Firm For Illegal Activity

Next Post

Ogun 2027: Who Is Afraid Of Senator Adeola Running?

The Daily Crucible

The Daily Crucible

The Daily Crucible Newspaper is an authoritative independent online news medium established to deliver professional journalism for the purpose of fostering Nigeria's unity, progress and greatness, given the heterogeneity of her citizens. We shall vigorously pursue this vision and anchor it on tripod of truth, justice and fairness. We shall feed the public with robust information they need to make informed decision on issues and matters that affect them, promote human - capital development, freedom and free market enterprise. Our loyalty shall be to Nigeria and public interest, and shall respect ethnic, religious and political diversity without being partisan and sectional.

Related Posts

Ode To Akeem Akintayo Amosun – From the Calculations of Finance to the Arithmetic of Service
Opinion

Ode To Akeem Akintayo Amosun – From the Calculations of Finance to the Arithmetic of Service

by The Daily Crucible
October 30, 2026
The Catchphrase That Expired: Why “First On The Dial” Belongs To Yesterday
Opinion

The Catchphrase That Expired: Why “First On The Dial” Belongs To Yesterday

by The Daily Crucible
October 30, 2026
Political Vendetta and the Rule of Law: Did El-Rufai Hand the Federal Government a Legal Weapon?
Opinion

Political Vendetta and the Rule of Law: Did El-Rufai Hand the Federal Government a Legal Weapon?

by The Daily Crucible
October 27, 2026
Ebola: Day Pandemic Killed an Aláàfin
Opinion

Ebola: Day Pandemic Killed an Aláàfin

by The Daily Crucible
October 25, 2026
Unmasking the Ijebu-Ode Gas Leak: The Science, the Fears, and the Law
Opinion

Unmasking the Ijebu-Ode Gas Leak: The Science, the Fears, and the Law

by The Daily Crucible
October 23, 2026
Next Post
Ogun 2027: Who Is Afraid Of Senator Adeola Running?

Ogun 2027: Who Is Afraid Of Senator Adeola Running?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Advertisement

Advertisement

Recent News

BoilingPoint: Can an Oba Rewrite Tradition? The Debate Over Yoruba Royal Authority Nov 8

BoilingPoint: Can an Oba Rewrite Tradition? The Debate Over Yoruba Royal Authority Nov 8

November 1, 2026
Odun Omo Olowu Is Global Economic Event With Multiplier Effect – Prince Ayoade

Odun Omo Olowu Is Global Economic Event With Multiplier Effect – Prince Ayoade

November 1, 2026
Binance Buys Back Tokens After $6.3bn Loss in History’s Biggest Heist Linked to North Korean Hackers

Binance Buys Back Tokens After $6.3bn Loss in History’s Biggest Heist Linked to North Korean Hackers

October 31, 2026
Amosun Storms Ake Pavilion With Supporters as PBAT Door-to-Door Movement Begins in Abeokuta Ahead of 2027 Polls

Amosun Storms Ake Pavilion With Supporters as PBAT Door-to-Door Movement Begins in Abeokuta Ahead of 2027 Polls

October 31, 2026
Adebutu, Gwarzo Remain Missing as INEC Retains Pantami in Updated 2027 Governorship List

Adebutu, Gwarzo Remain Missing as INEC Retains Pantami in Updated 2027 Governorship List

October 31, 2026
Tinubu-Led FG Begins 2,000-Unit Lekki Housing Project, Says Teachers, Nurses, Police Officers Can Own Homes With N100,000

Tinubu-Led FG Begins 2,000-Unit Lekki Housing Project, Says Teachers, Nurses, Police Officers Can Own Homes With N100,000

October 31, 2026
2027: ‘It’s My Turn to Transform Delta Central’ — Ikuru Declares for Senate, Vows to Replicate Lagos Development Model 

2027: ‘It’s My Turn to Transform Delta Central’ — Ikuru Declares for Senate, Vows to Replicate Lagos Development Model 

October 31, 2026
Ondo Businessman Who Rose From Barbering to Building Business Empire Dies in Suspected Suicide, Leaves Emotional Final Video

Ondo Businessman Who Rose From Barbering to Building Business Empire Dies in Suspected Suicide, Leaves Emotional Final Video

October 31, 2026
Obasanjo Faults Tinubu’s Borrowing Remark, Says ‘Borrowing Is Not Leprosy’ Comment Is Absolute Nonsense

Obasanjo Faults Tinubu’s Borrowing Remark, Says ‘Borrowing Is Not Leprosy’ Comment Is Absolute Nonsense

October 30, 2026
2027 Elections: INEC Declares Neutrality, Says It Has No Preferred Candidate or Party

2027 Elections: INEC Declares Neutrality, Says It Has No Preferred Candidate or Party

October 30, 2026
The Daily Crucible

The Daily Crucible Newspaper is an authoritative and independent online news medium established to deliver professional journalism for the purpose of fostering Nigeria's unity, peace, progress, and greatness, given the heterogeneity of its citizens.

© 2022 The Daily Crucible - Designed by CYBERWARRIOR.

No Result
View All Result
  • Home
  • News
  • Politics
  • Property
  • Business
  • Education
  • Health
  • Entertainment
  • About Us

© 2022 The Daily Crucible - Designed by CYBERWARRIOR.