Nigeria, Africa most populous country and the holder of the biggest reserves of natural resources, will likely remain a prime example of a curse that has stood the test of time. How nations blessed with natural riches often end up more corrupt and less stable -and ultimately,poorer- than others.

                                                                                               -Time Magazine

The abberant behaviour of our leaders in this country has made we the citizenry to be at the state of quagmire. Normally, at the end of every year, people try to forecast what the new year will be like. Here in Nigeria, a lot of people are scared of what the economic situation will be like in 2012. We are all thinking of what may happen to our economy and its parameters, our standard and cost of living as a result of the removal of oil subsidy by the government. Over the year, the government have claimed to be subsidizing the prices of petroleum products and that they have spent a lot of money on this subsidy. Past administrations had made moves to remove this subsidy but were not successful as a result of protests and threats from labour and trade unions.



However, the present administration of Goodluck Jonathan have decided to ignore the unions protests and even the critics of this particular policy when he presented the 2012 annual budget to the National Assembly without any provision for oil subsidy. From the onset of year 2011, the country has been jumping from one problem to the other, either as a result of our immature economic policies or the inefficiencies of our government. These problems range from killings and arson during the 2011 elections, Boko Haram incessant attacks, the unquenchable Jos Crisis, economic downturns, and now it's ending with removal of oil subsidy.



When democracy came in 1999, we all embraced it, having suffered severely under the authoritarian military rule. We all thought it's our last hope as it's defined as the government of the people, by the people and for the people. 12 years under democratic rule,all we could boast of as dividends are corruption, abject poverty, oppression, extra judicial killings, Boko Haram bombings, crisis, injustice, bribery, epileptic power supply, ASUU strikes and so on. Oil subsidy which is meant to be the only benefit the masses are enjoying from the government, has been taken away again. Is the country now meant for the rich only?



Crude oil is meant to be a blessing to the country and a stepping stone to development but it has turned to be a CURSE. We have been growing in numbers in terms of independence but retrogressing in terms of development. (Our year of independence is inversely proportional to our level of development). Out of Faith, we have been consoling ourselves that Nigeria will be great but the question is how soon and when?



The issue of oil subsidy removal wouldn't have been an issue at all if our four government-owned refineries are working in full capacity. We would have refined our oil here and distribute them peaceful without any interference of the forces of demand and supply in the international market. However, despite the huge sum of money allocated for the maintenance of the refineries annually, they have refused to work. Our government in their own "intelligence" decided to invest in three refineries in Indonesia to refine our oil for us. They have decided to create more jobs in Indonesia and increase their economic activities while we the owners of the oil live in abject poverty and romance high rate of unemployment.



Our government claimed they have spent N1.2 trillion on oil subsidy this year and that they can't keep on spending such huge money for the belly of the "microscopic" few oil marketers. Their argument for the removal was that, the money meant for subsidy will be kept in a reserve which will later be shared by all levels of government for infrastructural development. They argued that if they can spend such money on infrastructures yearly, the country will join the league of top 20 economies in the world by 2020. This is a good point from the government considering the huge amount involved in subsidy but the question to be asked are; whose fault? Should the masses pay for the inefficiencies  of the government? Fine, deregulation is a good economic policy as it gives room for competitions but is it coming at the right time? Are we really prepared for this? Are we not just following economic theories dogmatically?



As a corps member, collecting N19,800 as federal allowee and N3,000 from state government, have been trying to figure it out how these will be shared on my transportation to my PPA, my daily feeding, clothing, house rent etc. It's so glaring that I have to go on compulsory fasting daily and deny myself so many things if I want to have any savings at all that will be useful for me to start my own business after NYSC. This is what I may be experiencing in 2012 as a result of the immature oil subsidy removal. My grandfather in the village will also feel the effect as he will spend more money to buy fertilizers for his farm and also to travel to the town to see his children and grandchildren.



Our government should stop deceiving us with impracticable economic theories and consider pacing and sequencing while rolling out economic policies. They should act responsibly and responsively. 2012 is here now, but I hope economic tsunami will not wipe us out!



LET'S RETHINK!