PIA: Another tough decision President Tinubu must consider

Those who canvassed vigorously that removing fuel subsidy was the silver bullet President Bola Tinubu needed to solve all the economic troubles of the country must be wondering where next to dig fresh holes to fill old ones as things are not adding up. And each time they remind us of how bad things are, all they are saying is that tougher measures are coming. But don’t let them. Remind them that they are responsible and should place more burden on themselves, not on citizens.

Last January, former President Buhari confessed that over $1 billion was spent under him to partially recover three states that had been taken over by Boko Haram insurgents. Huge sums were spent under former presidents Umaru Yar’Adua and Goodluck Jonathan. More resources are being expended now in the Northwest, where the insurgency has shifted.

It is tough already and as far as we know in the history of economic reforms, the most painful is the removal of fuel subsidy; the other is the floating of the naira. With those two, citizens’ capacity to move around and transact businesses are curtailed by high costs, reduced purchasing capacity in a very uncertain business climate. Shouldn’t be worse than that.This is the time for the President to unveil the Petroleum Industry Act 2021, the law signed by Buhari to reform oil and gas.

Now that it is passed, what’s delaying President Tinubu from implementing the law in its entirety? Why limiting implementation to just the renaming and redesignation of the Nigerian National Petroleum Company Limited; without going the whole hug to transform it into a viable, commercially based and self-sustaining national oil company as provided for in the law?

The PIA does not recognise the balkanization of the Petroleum Resources Ministry among political officers. There is provision for the Commission to regulate the Upstream, while the Authority takes charge of mid and downstreams. Those two ministers are at best figure heads with no legal authority within the PIA. They may assist administratively in the running of the sector.

Source: News Formal (newsformal.com)

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