REUBEN ABATI I was away on vacation for just two weeks only to return to meet fuel queues still on the streets of Nigeria with the fuel stations rationing fuel in Lagos and other parts of the country. It is a big shame, and an embarrassment that the world’s sixth largest producer of crude oil cannot refine its own petroleum products. Nigeria has the finest blend of crude- Brent Crude notable for its low sulphur content, but as in everything else, we export the best of our assets, including people, only to buy back the same assets from outsiders.
With finished petroleum products, we now import the same petrol that flows in abundance in the creeks of the Niger Delta and the backyard of some people’s ancestors. Reuters reported recently, that NNPC Limited, the sole importer of finished products, enjoying a monopoly in that regard was indebted to gasoline suppliers to the tune of over $6 billion forcing traders to backout, resulting in a scarcity of fuel in the country. Under contract terms, NNPCL is required to pay within 90 days of delivery, failing which the traders collect a late payment compensation of $250, 000 per cargo.
So, when Nigeria tenders for fuel, a number of traders now look the other way. Nigeria has no savings to bail it out, instead the government is desperately looking for money. It won’t be long before the Nigerian government begins to tax persons for dying, or having babies or for marrying or engaging in the basic ordinary tasks of living.
In 2023, NNP.