I was amused when the Lagos State
Governor, Babatunde Fashola, and the Minister of Finance, Dr. Ngozi
Okonjo-Iweala, engaged in a discourse on the economics of the pump price
of petroleum products on the back pages of this newspaper. Whilst
Fashola’s take away, as he termed it, was technically deficient,
Okonjo-Iweala’s response was deafeningly silent on issues which she
conveniently left out in her position as Coordinating Minister for the
Economy.
First, let us be clear on one issue: Nigeria, Africa’s largest producer
and exporter of crude oil, is completely reliant on imported petroleum
products to meet her domestic energy needs. Successive administrations
starting from General Sani Abacha, for reasons bordering on graft,
inefficiency and crass mismanagement, have failed to rehabilitate
Nigeria’s four refineries in Port Harcourt (I & II), Kaduna and
Warri. Successive administrations have also failed to build new
refineries.
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