In just a year, 2021, Nigeria imported $11.3 billion in Refined Petroleum, mainly from Netherlands , Belgium , Norway , India , and United Kingdom . It’s absurd to note that the country borrows to pay this money refining its naturally endowed crude oil, and to maintain other statutory expenditure obligations of government. According to the Debt Management Office, DMO, Nigeria is indebted to five countries, namely: China, France, Japan, India and Germany.
Also, facts obtained from the Nigeria Extractive Industries Transparency Initiative, NEITI, in its recent independent audit report, show that over N13.697 trillion was paid as subsidy to oil marketers from 2005 to 2012. The gross variations in the annual subsidy payments by the Federal Government undoubtedly reflect high-level corruption and misappropriation of funds. The breakdown of the above figure by NEITI, for instance, further shows that N2.
With the declaration of the Nigeria National Petroleum Corporation, NNPC, that it was owed N2.
It’s clearly indisputable from the above revealing facts that subsidy regime in Nigeria is unsustainable. It’s also unarguable that subsidy payment, with its characteristic corruption, is mainly the bane against the nation’s economic boon, especially as to why we are not developing as we should. So, it has to go as declared “gone” by the President at his inauguration on May 29, 2023.
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