A member of the House of Representatives, Olajide Olatunbosun (APC, Oyo) said Nigerians should direct heir anger to independent oil marketer for the hardships they are currently going through due to fuel scarcity.
He said the removal of petroleum subsidy in January was responsible for the refusal of the marketers to import fuel.
According to Olatunbosun, who is a member of House Committee on Appropriation, the resultant hardship foisted on the country was meant to arm-twist the government into agreeing to their terms which may be inimical to the interest of Nigerians.
While reacting to comments on President Muhammadu Buhari's economic policy during the weekend in Abuja, Olatunbosun said the implementation of the Single Treasury Account (TSA) was the best to have happened to the Nigerian economy.
He said: "In January, fuel subsidy was removed but there is a gang up to sabotage this government by some elements. The Nigerian National Petroleum Corporation (NNPC) was to import 50 percent of our fuel consumption while the balance was to be given to independent marketers that have refused to supply the fuel.
"In the past, they were importing it but this stopped suddenly. My understanding is that the stoppage of patronage they were getting from subsidy, which was a monumental fraud was the cause.
"It means they were never in that business because they loved Nigeria and Nigerians in the first place, they were doing it solely for the ill-gotten wealth they get from the undue advantage they get through the subsidy but because there is no more free fund to get from the subsidy, they stopped importing the product.
"Unfortunately, that was not communicated to Nigerians. I think there is a need to go back to the 2012 report of the House probe on the subsidy, those indicted should be prosecuted.
"That forex scarcity was responsible for their inability to bring in fuel is a diversionary excuse because fuel importation is prioritized since it affects the economy directly".
The lawmaker further condemned unpatriotic Nigerians with domicilary accounts running into $20b saying it was a major cause of the falling naira and a struggling economy.
Noting that the TSA has nothing to do with the issue of dollar exchange rate, Olatunbosun said, "I will rather say that it has helped us as a nation in a way. This is because when you have an economy being driven by ill-gotten stupendous wealth chasing the dollar, maybe by now we would be talking about N500 to a dollar.
"The TSA is one good policy that has happened to our economy because there have been monumental leakages in all agencies of government, most especially those generating revenue.
"Nigerians have about $20b in various domicilary accounts by individuals and corporate entities. That is over N1 trillion at N300, the size of our budget, and if it's at N200 that's I've N4 trillion, that is still huge.
"All over the world I have never seen a nation where the citizens have such reserve of foreign currency. This is not America where the dollars us he legal tender, so why are keeping such a huge money in our dollar accounts?
"The reason is simple, we don't believe in our own country. Until that trend is reversed, it is going to be same song we will be singing about the state of our economy, that the naira is falling, dollar and other currencies appreciating the Naira.
"If I have my way, I will prostrate to these Nigerian and beg them to bring the dollars out. If we pump just $10b of that money into our economy, one can only imagine the rippling effects on all facets of our economy".
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Gang up and sabotage ended with PDP regime. No excuse. Let APC fix it with their masgic touch as they promised.
ReplyDeleteYour comment is a sad reflection of how shallow you are....this is not about APC or PDP this is about the economic success of OUR country...your mind is devoid of logic to understand people entrusted with the country's wealth squandered it and now this is the effect...Nigerians need to start investing in Nigeria that's all!!
DeleteThis guy never read the article to end to see the benefits of the message encompasses in it due to his sentimental blocked head. I pity u n ur generation
DeleteAPC makes it sound as if TSA was their idea. TSA and BVN were introduced by the Jonathan administration and continued by APC. Also the law maker is ignorant of what's going on. The CBN has not been releasing dollars for importation of fuel to independent marketers or are the international suppliers going to accept Naira? I hope however that when the dollars are eventually released at N197, it will not be sold on the black market at 320? This is a fallout of maintaining 2 exchange rates. One for the favoured and connected and the other rate for the masses. This government needs to wake up and smell the coffee instead of apportioning blame for their ineptitude. A government that sits down and apportion blame instead of solving problems is an utter failure!!
ReplyDeleteI beg to disagree sirs. If this government is given $10b free of charge, they will not have an idea of what to do with it! For the first time in 16 years we have a government fully run and managed by politicians in the helm of affairs. When did politicians become saints? It is pretty obvious that this government lacks ideas and that is why they are shifting blame from PDP (as if the majority of APC did not come from PDP) to Jonathan and now to Independent Oil Marketers. If they are a government with punch, they should be able to sort out these problems. Solutions please and not blame, will sav our country. If they cannot find solutions, they should step aside please! If they really love Nigeria!!
ReplyDeleteThe marketers and some NNPC staffs are not happy that they lost the subsidy money. This is where they enrich themselves at he expense of destroying Nigeria future.
ReplyDeleteEvery devil always want to gain back his lost field.
If marketer refused to import. ..Government should important 150% of our needs. Create job via the venture.
ReplyDelete