Our New Year gift from our President

It is pathetic to see Nigeria in this kind of situation after 51 years of independence. As the nation celebrates a new year, the president announced the removal of fuel subsidy with its policy of deregulation which was claimed to be an option to the solution of the heavy problems crippling the country. According to him, the money acquired from fuel subsidy will be used to finance the 19 outstanding projects including job creation, education, infrastructural facilities, new investments, good roads, railway repair and many other outstanding projects.
According to the minister of finance, Ngozi Okonjo Iweala, the sum of N3.7trillion was used to fund fuel subsidy between 2006 and 2011, and N1.35trillion between January and October, 2011, which amounted to 30 per cent of total budget, 118 per cent of capital project and 4.18 per cent of the Gross Domestic Product, GDP.
Last year, Nigeria borrowed about N852billion to finance the deficit in the budget. In 2012, the country will be forced to borrow about N1.12trillion, almost the total of the capital budget. It is totally irrational for the country to continue borrowing for capital and recurrent expenditure.
Well…even though the policy may sound good and it’s geared towards the development of the country, its execution is absurd and premature. Removing subsidy without proper negotiation and dialogue with necessary bodies portrays the president and his ministers as dictators.
But let’s be frank, is the removal of subsidy the solution to the economic crisis of Nigeria. Why can’t the country still borrow for the main time to repair the four bad refineries, build more refineries and repay from its sale of fuel annually. Most of these policy makers have their refineries built abroad; they are still the ones to resell back to the country after the crude oil had been exported. More so, why can’t the Nigerian government cut down on their excesses to meet up with the listed outstanding projects instead of making the masses the sacrificial lamb?
Also, Nigerians are used to the tactics of government, coming under the pretence of policies whenever they want to embezzle. Moreover, what has the government done with the monies acquired from earlier deregulations such as diesel and kerosene?
This explains why most Nigerians see their policy as a feeble one and a mere attempt to broaden corruption.
However, the government may tell us that they are now listening to the advice of the IMF and World Bank on the issue of a flexible exchange, but the truth remains that removal of fuel subsidy at this time is wrong and not the first step in any direction towards opening up the economy, it should have been gradual.
It can only impose more hardship on the already seriously economically downtrodden masses. It will cripple further a seriously ill economy.
Since the past few days when the declaration has been made, Nigerians have been groaning under the pressure of over 100 per cent increase in transport fares after a corresponding increase of fuel pump price from N65 to N141 in the urban areas and between N150 and N180 in semi urban and rural areas. Also, those who travelled for the festive season are stranded in their respective villages.
It is pertinent to know that fuel constitutes 50% of Nigerians expenditures and its hike would adversely affect the average Nigerian. This explains why Nigerians are ready to stop at nothing to ensure that the policy is reviewed.
On January 9, a week after the announcement, the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC, Save Nigeria Group, Occupy Nigeria, Nollywood actors and actresses, Nigerian Bar Association, NBA, Nigerian Medical Association, NMA and other labour and its civil society allies, under the banner of Labour and Civil Society Coalition, LASCO, has declared a nationwide strike.
The protest in Abuja was led by the workers Union President Abduwaheed Omar.
In Lagos, his deputy Joe Ajaero led the protesters who took off from the Labour union secretariat at Yaba at 8.00am. They walked to the Gani Fawehinmi Park at Ojota where they met with the civil society organisation - Save Nigeria Group – whose crowd had gathered there since about 9.30am.
Funny enough, Nigerians are cruising in the protest as musicians are serenading the protesters with their different tracks, making the protest more like a live show. Musicians like Femi Kuti, Ras Kimono, 9ice, Pasuma, Idris Abdulkareem, Nigga raw, Rugged man, Olu Maintain e.t.c performed live for protesters.
More so, turn up of Nigerians was so massive, people could now see the reason to leave their comfort zones and fight for their rights. Impressively, this protest is the most peaceful protest ever held in Nigeria, it shows that Nigerians can actually unite and speak with one voice to fight a common interest. In fact, the music performances covertly reduced tension and violence among protesters. It is so surprising that some of the protesters were seen during the rallies carrying their blanket, water and lamb; it shows that they are ready to fight with no retreat as they are willing to pass their nights on the road.
However, labour leaders are not opposed to the removal of fuel subsidy if they are sure that such funds would be properly accounted for. More so, they are viewing the action of government as a stab in the back as the dialogue on the issue of subsidy was on-going.
Already, Nigeria is undergoing some financial difficulties and embarking on nationwide strike will only worsen an already bad situation.
Furthermore, this nationwide strike and protests is not in any way affecting the so called cabals, instead, it is affecting the masses. As workers abstained from their duties and traders locked up their shops, it’s apparent that many will go hungry and will be forced to pull out of the strike eventually. These politicians really have got nothing to lose as they have it all at their disposals.
Pathetically, innocent lives are already wasting away as the struggle continues. Some Nigerians are reportedly dead in Lagos, Kano and Benin as a result of the on-going protest.
Although, some Nigerians are ill-educated about the oil subsidy removal, for those whose are well informed, their stance is, if allowed, what guarantee do we have that the N1.2trillion fuel subsidy will be judiciously utilized as the country has been failing in time past. Besides, what alternatives do Nigerians have to fall back on at this crucial time?