Unsustainable, mindless financial waste killing economy

Nigerians in general (both in government and in civil society) keep running away from the real truth about the misrule of our public officers, who are failing to tackle the economic challenges facing the nation, but instead, have intentionally turned their eyes away from the glaring solutions available to fix this economy. One strongly believes that such an unfortunate position is taken partly out of ignorance because, everyone, for decades, seems to stick to the killer policy, without thinking outside of the box, about how the situation could be handled to effect a positive paradigm shift from the present mess. One feels disgusted and ashamed about this whole situation, especially given that Nigeria is known for her richly endowed, globally acclaimed egg-heads and technocrats in all fields of human endeavours and in high positions of leadership all over the globe. To think that these eggheads are not being tapped to rightly redirect the Nigerian roadmap towards economic emancipation, from the monstrous scourge that has almost eaten up and ruined the future of this nation!     

Forensic audit and careful financial analysis have shown that, we have blindly left undone those things which we ought to have done, and we are very seriously busy doing those things which we are not supposed to be doing. God forbid that I use the exact name of this killer policy, even for once in this article! My reason is that every other person appears to have been hypnotised and influenced by the fallacies surrounding this fraud of a policy built around the nation’s economic and financial activities, instead of extricating it completely from the national planning programme. Everywhere and anytime opinions about the nation are shared, this notorious word keeps surfacing. One avoids getting involved any further since I might be misunderstood in my clear and very explanatory line of thought concerning the matter. I would continue to plead my early observation and position on this matter dating back to 2008. The dynamics are somehow complex, so a lot of Nigerians erroneously continue to box themselves into a tight corner, while innocently agitating for the right course, from those in governance.

There are actually “too many ways of killing a rat” (people always say idiomatically) but, without clear definition and understanding of a matter, ignorance shall continually misdirect one’s point of reasoning in very unfavourable form and manner. As an industrial watcher, and one professionally knowledgeable about this dynamics and politics at the operational level; following the logic and understanding the scheme and the right approach towards implementing the actionable process out of this financial and economic enslavement, is very simple. Nigerians have suffered sorely in the hands of the nation’s economic saboteurs, perpetrating evil against the nation’s economic growth and development (utilising this demonic and fraudulent tool on imported refined products) by running the nation down financially. Nelson Mandela said that, “poverty is not an accident. Like slavery and apartheid, it is man-made and can be removed by the actions of human beings”. I, therefore, urge no one to wonder why Nigeria has been declared by the West as “the poverty capital of the world”. We are responsible for killing this economy, because of our selfish, inordinate ambition.

Can one imagine what has been happening in the nation’s oil industry, from inception to the present? The petroleum sector is not indispensable in an economy because, there are so many other sectors as well (and no one can dispute the fact that, “a tree cannot make a forest”) but, there is more to it; especially when history has proven that the oil sector is significantly contributing and influencing the direction of Nigeria’s economy. This current situation is but a testimonial to that fact. For ages, this demonic, monstrous and evil policy, being applied by a few who suck the treasury dry, is still wielding its imaginary ghostly power over every citizen in the economy. Unless we unanimously agree that the game is up, and must vacate. We can then think towards utilising the existing local refining facilities (about 21 modular refineries, four government owned with total capacity of 445,000 BPD moribund facilities, the gigantic Greenfield Dangote Petrochemicals refinery of 650,000 BPD) plus the three “stillborn” government/NNPC Greenfield Projects of 2011 for Lagos, Bayelsa and Kogi (totaling 400,000 BPD). All of these, with political will and determination from the government and their agencies, together with the independent marketers partnering to achieve a common goal (where enough products can be produced to create a self-sufficient status, and declare the excess for exports to our neighbouring countries); once the regulators deregulate the market pricing mechanism, and supply crude oil to all domestic refineries in our local currency, at a discounted rate to prevailing rate at the international oil market (so long as it’s not below the nation’s budget benchmark), the economy shall be good to go! This crude oil supply in naira to local refiners at a “discounted rate”; is what will favour the entire citizens, which is what the society is clamouring for (“no removal of…..”); which will competitively knock down PMS pump price all over the nation, even below N150/litre pump price. It is a unique template and practicable, but for corruption in our national blood stream.

Why can’t the leaders managing the oil industry invest, even those huge economic wastes, to refurbish the moribund facilities rather than going a-borrowing (instead of the $1.6 billion loan from the Afreximbank in 2021 to fix the Eleme plant that is yet to be completed)? Yet, we can waste N13.36 billion every day (and N4.88 trillion per year) on this “killer policy”. Whereas, if you convert N13.36 billion at the official rate to $ @N472/$, you get $28,305,084.7 per day. Now, use $28.31 million to divide how many times over it will go to $1.6 billion that was borrowed from Afreximbank (under two months/56.5 days over). We are our own arch enemies killing this economy.