Since August 2014, the prices of crude oil have been on a downward trend from nearly $110 to $48.6 at the close of business today. Many experts expect this trend to continue until the first quarter of this year, unless there is a deliberate attempt by OPEC member countries to cut back on their production quotas. Consumers in many countries have been enjoying a proportional reduction in the prices of petroleum products. That is what Nigeria has failed to do despite the several calls by economically overstretched consumers and opposition political parties. Only today, the Minister of Petroleum announced a paltry reduction of petrol from 97 to 87 Naira. This represents just 0.1% instead of nearly 0.5% price cut that we ought to enjoy as dictated by the market forces. In any sane and organised society this is totally unacceptable. We must learn how to hold our leaders accountable for their policies if we are serious about development. This is not time for partisanship, rather, it the time for raising critical questions about our welfare and social justice. These include the following: 1. Why are Nigerian refineries not working despite the huge repairs and operation budgets? 2. Why do our government pay subsidies to contractors for just refining our crude oil abroad? 3. Why do the NNPC and Ministry of Petroleum refused to cut down the oil prices since August last year in response to the global downward trend? 4. Who is holding the excess monies accrued from these sales? 5. How did the government arrived at 0.1% instead of an equivalent reduction of 0.5%? 6. Why is the Finance Minister planning to borrow money to supplement an expensive budget in the wake of an impending economic recession? Etc. Unless these questions and many more are addressed, Nigerians will continue to be taken for granted by gullible politicians who exploit our silence for their personal gains.
Posted on: Sun, 18 Jan 2015 22:44:13 +0000
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