[OPINION BY ADEBAYO ABUBAKAR] Fuel subsidy removal: Putting the cart before the horse | TheCable
a piece
To the best of my knowledge, very few people, if at all, disagreed with them on the issue as it is an open secret that the target beneficiaries of the scheme never benefited from it. The intended benefits of subsidy payment never cascaded down the social strata to the socio-economically vulnerable in a country where there is no social safety net for the poor. Rather, it only enriches a cabal, comprising people who constitute a minute fraction of the over 200 million Nigerians.
There is no gainsaying the fact that the activities of oil thieves and vandals have not given Nigeria the room to meet her daily OPEC quota. That translates to a reduced earning from sales of crude oil. With a reduced daily output of less than two million barrels, the federal government still has to plough whatever proceeds realised from sales of crude oil back into importing refined petrol, to be sold at a price way less than the landing cost.
Another reason for the optimism about price reduction is the fact that the federal government owns a 20% stake in the refinery and is therefore entitled to being part of the decision-making process as far as pricing is concerned. But the president of the Dangote Group of Companies, Alhaji Aliko Dangote, on the day of the commissioning, stated that refined petroleum products will start coming out of the facility by July ending. That was still about two months away then.
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