By Boniface Ezea
When I travelled home for Christmas, there was fuel scarcity. Before I left Lagos by road, I made sure my fuel thank was filled to the brim. What I did to avoid the difficulties being experienced then from sourcing petrol was to use my mechanic who has access to a filling station. The 25 litres of fuel which cost me on average five thousand Naira was now going for seven thousand Naira an equivalent increase of 40%. And I was willing to pay to avoid the stress associated with getting fuel then.
When I arrived Asaba, and needed petrol urgently, my security went to an independent filling station and bought fuel at 270 Naira per litre. The next day I had to put a call through to a friend who runs a popular nationwide petrol franchise, who ordered that I must be given priority attention and everyone was looking for me. I drove to their filling station opposite my house and loaded fuel at 225 Naira per litre. I committed 42 thousand Naira in the process and was relieved that at least I have been able to source the product to the extent that might be adequate for my two weeks visit. Fuel was then available as proprietors could determine the pump price they sold and therefore there was no need to horde.
When I granted Channels Sunrise interview on Budget 2023, I clearly made the point that the Federal government has turned its attention the other way and had quietly deregulated the pump price of fuel. Everyone accepted the situation as it was then greatful that movement was not paralysed. I was surprised when I got back to Lagos and started hearing that pump price has not been deregulated and that those selling above the official rate of 170 Naira will be prosecuted.
This nation must wake up to smell the coffee. Subsidy of an amount of a whopping 3.4 trillion Naira in six months is criminal and most certainly not sustainable. Advantage should have been taken of the situation during the yuletide as we quietly exited the corruption influenced Subsidy payments.
There should have been no need for any announcements which might stoke opposition from the Unions. We should have quietly taken them into confidence to dampen whatever protests and agitations they might contemplate.
Waiting for the incoming government to remove the Subsidy is not fair. We missed a golden opportunity. But if the elections go as generally anticipated, the new government must ride on its good will not to have anything to do with petroleum Subsidy payments. The country confronts the challenge of fiscal sustainability which must not be compounded with such wrong headed and ill thought out policy measures. The reality on hand is that we are not able even to enforce today the official pump price of fuel. All manner of devices are being thrown up to sidetrack it. The last time I bought fuel at the official rate here in Lagos, I was charged additional 500 Naira per jerry can for fuel I bought to take home for my generator.
Nobody is today benefiting from the official pump price. Fuel queues are back and roads are clogged up compounding the problems which commuters experience with traffic congestion on our roads. I hope the opportunity to let go of Subsidy payments on fuel will not have been missed at this point in time. We must refuse to play the Ostrich but confront pointedly the reality of the situation as it currently stares us on the face.