Let me say it for the umpteenth time. Increasing the pump price of fuel is not removing subsidy. It is increasing tax on petrol. Only full deregulation amounts to subsidy removal.
Full deregulation would mean that the Govt would take its hands off the supply of fuel to the pump. Anyone willing and able either to import or produce it should do so. The person would have to provide his own foreign exchange.
Of course, you have to make sure there is capacity to sustain the supply all across the country. Tinubu has made the matter worse with his sale of all proven reserves of Nigeria. There is nothing for local refineries to refine anymore. We have entered a new phase where we have to import both the crude and refined products.
Where is the money from the sale of Nigeria? Who has bought us? If you go to court to ask these questions, you will spend the next 20 years doing so, at the very least.
Published by Chuks Nwachuku
