According to the Biblical word: “Weeping may endure for a night, but joy comes in the morning.”
This Biblical illustration, is in consonance with the present economic hardship being encountered by Nigerians as a result of the removal of fuel subsidy by President Bola Tinubu on assumption of office in May, 29.
It is in order for Nigerians to be very angry and be disappointed over this fuel price increase, as it affects all of us, our business, and not only the downtrodden.
From an economic point of view, the subsidy regime, where a few members of cabal keep taking hundreds of billions and diverting the same without rendering services to the Nigerian citizens is forever gone..
We won’t expect them not to fight ruthlessly back to sabotage and hit the government, this is the reasons we are all suffering from this temporary fuel hike.
The billions being siphoned by these few rent seekers, has now being re-routed to fund and be invested in Education, Healthcare, Infrastructures, social service (Palliatives), Agriculture and others.
The Federal Government in addition to NNPC who was the sole importer of Fuel, has given PMS import licenses to about 54 new operators, who will source for their own funds and import the products to the country.
In July, 3 of them have started importing fuel to the country, and that is the reason the queque are disappearing, only remaining to bring down the price with forces of demand and supply very soon.
MD/CEO of NNPCL, Kyari, address Press Conference days ago, assuring Nigerians that the fuel price will come down even beyond the expectations of Nigerian people, and this will surely happen as market force of demand and supply will reign when product floods the market from about 54 importers.
Federal Government has also assured citizens that, they will ensure that quality products are imported ONLY, and in no time, Dangote, BUA and other refineries will start production of fuel.
Do you know what this means? Serious competition!
Let’s keep hope alive, Nigeria will be greater.
The piece is authored by Prince Adelaja Adeoye, MD/CEO Fendini Homes