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Labour Suspends Strike, Deregulation Stays, FG Halts Electricity Tariff Increase

My sleep was interjected as I search for the outcome of the meeting between Labour and FG for reasons personal to me.

Things are hard. Things are extremely hard but we will get to a state where we’ll have nothing to spend as a nation if we continue with the subsidy regime. I accepted the superior argument that deregulation is the way after I had spoken against it. I listened to Sanusi Lamido Sanusi when he spoke on it as the CBN Governor. I listened to others too who are not supporters of this government including the Cameroonian (even though, because of politics, he ate his word partially, I have taken the real substance when he congratulated FG for removing subsidy months back). Many didn’t take note when it was removed because oil price was lower then. Subsidy wasn’t just removed this month.

I checked and saw that only 7 countries in the world sell petrol at a lesser price than Nigeria. What we need to do now is to sell our moribund refineries to capable private investors who can bring them back to life. Government should hand off it. Dangote refinery, one of the world’s largest is about to start production. BUA has signed a contract to build a similar one in Akwa Ibom. Modular refineries are springing up. The cost of transportation from abroad will be removed when we start getting our supplies from within and we’ll buy it a bit lesser.

Subsidy was a complete scam. Nigeria was reaped off for that long. If oil price falls in the international market, we buy it cheaper here. But since our economy is oil driven, our income falls too and that is why I always applaud Government’s effort at investing heavily in infrastructure and agriculture. Total reliance on oil has to stop.

On electricity, I have told us severally that that privatisation is nothing but pure robbery. The buyers can not finance it and that’s why we still but transformers after privatisation. We still buy electricity pools and other inputs. Everyone involved in that exercise should be in jail now if we’re serious. Let the tariff be reviewed downward as agreed overnight. Let FG find a way to terminate the fraudulent agreement without parting with the huge sum of money inserted into the dubious contract. Let Abdusalami and other buyers help this country. Let them allow us leave this slavery called privatisation. Let us speak to their conscience.

Workers are expecting palliatives in two weeks time but they’ve agreed like I agreed that subsidy must be discontinued.

God bless Nigeria.
Happy 60th Independence Celebration.

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