First and foremost, I am a (God fearing) capitalist to the core. While I know that it is not perfect in anyway, I still prefer it to socialism or communism.
That said, I believe that the state should not place all important national infrastructure in the hands of a few good (or bad) men whose sole purpose may be to plunder the state resources instead of adding value. Be that as it may, the state must find a way to shed itself of excessive weight and the Nigerian state is currently handling tons of things that it has no business handling.
On top of the list is the business of subsidies, particularly, that on petrol which has been the case for decades.
My stance has been very firm; subsidy in Nigeria is nothing but a scam, only enriching a few cabal who care nothing about the Nigerian people.
My reason is beyond classroom analysis or theories, but real life scenarios. In 2009, I started an oil and gas business which exposed me to the crime and atrocities called subsidy – it is so terrible that I had to exit the business because I did not have enough “liver” (confidence) to stick around and engage in monumental fraud all in the name of being rich.
I thank God that my greed level has always been in check and I pray for his grace to continually put it in check.
Another reason is the fact that most poor people in the country do not have cars or heavy machinery, yet someone claims that subsidising fuel is helping the poor. Now, that is a big, big lie. The poor in my home state of Anambra have been buying fuel for a minimum of N150 per litre in the last 2 years, so who is fooling who?
I rather not bore you on the various ways oil merchants suck this country dry, but the reality is that they do and do it quite well for that matter.
That was why, I did not hesitate to support GEJ when he came up with the policy to remove oil subsidy but unfortunately, he did not have the required guts to re-visit the matter again. I honestly wish he did. Nigeria will have been a much more better country today.
In conclusion, I believe that price modulation is not the way to go but full deregulation. Government should get away completely from the oil and gas industry and leave it to professionals to run and manage.
May the good Lord empower us with wisdom and understanding, in Jesus name, Amen!