8/12/2011

THE RETURN OF DR. NGOZI OKONJO-IWEALA

There is no doubt that Dr. Mrs. Ngozi Okojo-Iweala is a brilliant and world-classs technocrat who made a great land mark in the cabinet of President Olusegun Obasanjo as Minister of Finance. But there are doubts if she will be able to repeat the same feat on her return to the same seat in this present administration. In fact, President Goodluck Jonathan has so much trust in this former Managing Director of World Bank that the President also made her to be the Co-ordinating Minister of Economy (CME) heading the Implementation/Management Team. In that position as the CME, Ngozi Okonjo Iweala has been given the needed mandate and powers to steer the ship of this Nation from economic doldrums. Pronto, the respected World Banker with her team set to work and she became the Apostle of fuel-subsidy removal. As the Chief Marketer of that policy or product, she has convinced her PrincipalMr. President the need to remove the fuel-subsidy if the Nation must bounce back on her feet as an emerging world economic power. Although, the Finance Ministers postulation may make some economic sense but the social risks attached to the implementation of the policy are immense and weighty. Without deregulation, a gallon of kerosene is already selling for N800.00 (Eight Hundred naira) in Lagos metropolis! There is the likelihood that the rural-dwellers may result to the use of firewood for their domestic power needs. In a country where almost 80% of the population are living in abject poverty and penury and with a ever-widening gap between the haves and have-nots, there is no doubt that the implementation of this lofty and market driven policy will further impoverish the poorest of the poor in this Nation with possibility of social uprisings. Except the Federal Government is not sincere with itself, the Joint Senate Committee on Upstream and Downstream Petroleum in the course of the public hearing conducted in the propriety of implementing this fuel-subsidy removal proposal has revealed some of the fat-cats that have been benefiting from the fuel-subsidies for the part five years. With this revelation, the next course of action by the Government should be the summoning of the beneficiaries to account for the trillions that their companies have collected on behalf of the masses. How long does it take this government to fix our refineries and make them function at their optimal installed capacities?

According to the Governor of Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, Nigeria is a country who produces steel without an able manufacturing Industry to produce vehicles. Nigeria is also a major producer of crude-oil with refineries that are comatose The CME and her Economic Management /Implementation Team should ensure proper integration in our economy. Besides, a situation in which re-current expenditure far exceeds the capital expenditure in our national budget is a sign that this policy of fuel subsidy removal may benefit some private pockets at the expense of our National Treasury. The Federal Government is still battling with the Boko-Haram menace and other acts of terrorism and violent crimes. It may not be wise for it to toy with the nations stability with a possible mass protest that may trail the untimely implementation of the policy. The apostles of privatization, as revealed by the Senate probe into the activities of Bureau of Public Enterprises, have squandered our common wealth and national legacies with nothing to show for it. The exercise is a rip-off on our National Treasury. How are we sure the policy of fuelsubsidy removal will not follow the same sad story. While we continue to pray for the success of Jonathan Administration, the President should be careful of the timing of the implementation of this economic policy being spearheaded by Dr. Mrs. Ngozi Okonjo-Iwella on her return to the Federal Executive Council. The President should gauge the political and the social barometers of the Nation before forcing this bitter economic capsule into our throats. As the President and Commander-In-Chief of the Armed Forces, the bulk still stops on his table. He might have delegated the running of the Economy to the Economic Management/Implementation Team, but he still takes full responsibility for the success or failure of his administration. In other words, as the Chief Medical Director treating the nations economic ailment, he still take responsibility for any eventuality since the Chief Nursing officer who want to apply the killer injection into our economy not minding the precarious state of our socio-political climate is still under his supervision. LONG LIVE FEDERAL REPUBLIC OF NIGERIA FOR: NATIONAL PRAYER MOVEMENT Oluwagbemiga Olakunle, JP General Secretary gbemigaolakunle@yahoo.co.uk