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    BRICS Summit: Tinubu Seeks Reevaluation Of Global Governance, Finance, Healthcare 

    BRICS Summit: Tinubu Seeks Reevaluation Of Global Governance, Finance, Healthcare 

    Tinubu In Brazil For BRICS Meeting, To Woo Investors 

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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

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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.

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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.

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