Unbearable albatross
For how long will the Federal Government continue to put up with the fuel subsidy albatross? Again, we are forced to ask in the light of the most recent report from the Nigerian National Petroleum Corporation showing that the corporation spent a whopping N650.2bn to maintain the price of petrol at N145/litre for the 12-month period spanning April 2018 to March 2019. Going by the National Bureau of Statistics’ figures already showing a surge in the volume of petrol imported by 15.
Aside the situation in which the minister would be at odds with his principal on the issue of refineries, Nigerians had to endure the shifty debate on whether to call the differential between the cost price and the price at the pump more appropriately ‘subsidy’ for the purpose of legislative appropriation or ‘under-recovery’ – under which the NNPC conveniently passes off the quantum expenditure as ‘operating costs’.
At this time, Nigerians can do without the perennial lectures on how the pump price of petrol will necessarily move in tandem with the price of crude in the international market. Or the equally nauseating argument about the vast price differentials between the local pump price of fuel and those of our neighbours, and how this contributes to smuggling and the nation’s inability to determine how much fuel it consumes.
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