I must admit that the policies put into action by President Bola Tinubu these first few days are hard to explain. And indeed, it is not my duty to do so. But there is beginning to be some complaints and many – including myself – have cause to be wary because there are usually very […]
I must admit that the policies put into action by President Bola Tinubu these first few days are hard to explain. And indeed, it is not my duty to do so. But there is beginning to be some complaints and many – including myself – have cause to be wary because there are usually very powerful folks with international backing, who move in whenever a new leader emerges in Africa and make leaders tread a different trajectory from their fundamental wiring.
Fuel Price Deregulation. – Whereas the NNPC Ltd was unable to explain to Nigerians how the huge subsidies came about – especially when some Nigerians challenged the organization on the matter of the swap deals that it entered into – I have come to accept that ‘subsidy’ , must go. By every means, we cannot continue holding down fuel prices at N195 to N220 when everyone around us cherishes petrol like gold.
What the NNPC GMD means when he said Dangote and other local refineries coming on stream with production will not lead to reduced prices when indeed as a matter of national strategy, Dangote and others should be able to get crude oil invoiced in Naira and their presence on Nigerian soil should lead to marked reduction in prices.
The central bank rate is the weighted average of a few days trade and stands at N589. I am not sure anyone can access the CBN rate. It is down to struggling for yourself at the I&E window. Meanwhile, the government has released the hold on domiciliary accounts. You could pay in or withdraw up to $10,000 daily there and all hell has not let lose. But the runaway rate of the dollar is cause for concern. I can see jubilation in the quarters of economic liberals that ‘rate has unified’.
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