In as much as the price of fuel has dropped by just 10naira, what happens to Diesel and Kerosene. We live in a country where lying to ourselves has become the order of the day.
The international benchmark dropped to $47.5(USD) per barrel from over $100, and now the price of fuel has reduced. The price of diesel which has been deregulated since 2009 still sells at 150naira per litre, then what’s the use. Nigeria was ones that country that the price of fuel was 11naira per litre and even lower than that, we were ones that country that didn’t have to bother about our exchange rate, because we were never on the same level with the dollar. Where has all this marginalised to. The fuel subsidy that was removed in 2012, no doubt was the rich that benefitted from it with the government subsidizing the market to keep domestic fuel price artificially low. But at the same time, the fuel subsidy that was removed has grown rampantly well over the years.
In 2012, it was estimated that the government spent close to $8billion on this subsidy, but the question now is that , the country earned $59billion from oil export and where can we place this fact? and yes what happened to the money. LOL. The giant of Africa, one of the world’s largest oil producers and with all the mineral riches, and yet we still have 54percent of people living below the national poverty line.
I love my country, and forever would be proud to be called a Nigerian. (We no dey carry last)