- Economy threatened as Nigerians queue for fuel again
Once again, Nigerians have been exposed to the gruelling effect of scarcity of petroleum products, especially, the premium motor spirit, petrol. Motorists have had to sleep in dispensing stations In major towns like Lagos, Abuja, Port-Harcourt, Kano and Kaduna. In the process, man-hours are lost and energy that could have been put to better use sapped.
It is unfortunate, too, that a direct consequence was hike in the cost of transportation. It is all a familiar path.
Shortly after the current administration replaced the Jonathan government, shortage attributed to inability to redeem the fuel subsidy that had become a means of siphoning national resources made life unbearable for Nigerians. After taming the monster that drilled holes in the pockets of many Nigerians and companies, the Buhari government promised there would not be a repeat. Now that it appears that the government has tactically removed the fuel subsidy, the monster has reappeared. The cause, this time, is said to be non-availability of dollars for the independent importers of the products, and even the Nigerian National Petroleum Corporation (NNPC).
We call on the government to quickly put its house in order and address the pains caused by the scarcity. While we acknowledge that our export earning has shrunk as a result of the crash in the price of crude oil which is the mainstay of the economy, government ought to set its priorities right. Supply of petroleum products to motorists and homes is a priority that should not be toyed with.
The Central Bank of Nigeria (CBN) that supplies dollars and other foreign exchange to the market has a role to play in ensuring that the forex is made available to the NNPC and other firms involved in importation of the commodity. In addition, the commercial banks that have been identified as contravening instructions of the government banker should be severely sanctioned with a view to stopping the practice.
Government also ought to get interested in how the imported products are distributed. Many of the petroleum marketers have complained that even at the best of times, they had been unable to get the product at the official price from the depots. Many of the depots are said to be disused with activities concentrated around the Atlas Cove in Lagos. Such concentration is prone to constituting bottlenecks to distribution. Days after the Pipelines and Products Marketing Company (PPMC), a subsidiary of the NNPC, said consignments had been received, the impact is yet to be felt at the retail end.
This should be a cause for worry because it suggests that the distribution chain is faulty or there are saboteurs within the system. Security officials should find out what the problem is. The current economic woes have brought so much misery upon the people that fuel scarcity must be checked immediately.
Incidentally, President Muhammadu Buhari is the Minister of Petroleum Resources. The buck therefore stops at his desk. This cycle of shortage of fuel supply and the attendant hardships are unacceptable. It is to be noted that the products are also used to power the industries and light homes in the absence of electricity supply. This, too, has been disrupted by the shortages. It is another setback in the quest to resuscitate the industries, make the country productive and empower artisans. This, too, should worry the government.
We urge the government to revisit the reports submitted by the committees set up by its predecessor in the wake of the 2012 fuel riots. One, headed by Dr. Kalu Idika Kalu, examined how to encourage the establishment of refineries as well as revive the existing ones. Another, headed by Mallam Nuhu Ribadu, worked on processes and mechanisms for revitalising the NNPC. The reports which the Jonathan government found difficult to implement could help in introducing good governance in the oil sector.
