At present, there is a raging controversy in the public domain on the need to increase the pump price of Premium Motor Spirit otherwise known as petrol. In a recent press statement, the Nigerian National Petroleum Corporation Group Managing Director, Mele Kyari, said the current price of the commodity has become a big burden and unsustainable due to the gap between it and the actual market price.
For nearly three decades now since the Sani Abacha era, Nigeria depends solely on imported fuel. Yet, the government is still holding on to the moribund refineries for inexplicable reasons. Meanwhile, the standard of living continues to decline while the poverty level has climbed up. More than two-thirds of the entire population of 200 million people live in misery and abject poverty. Nigeria is regarded as the “poverty capital” of the world. The situation in the country is indeed a paradox: poverty in the midst of abundant natural resources.
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