Fuel Price Rises and the Direct Consequences on the Impoverished Citizens of Nigeria: A Clear Case of Dirge in a Naming Ceremony

By AVM (RTD) AKUGBE IYAMU

Petroleum products prices are a lifeline for many citizens especially those operating SMEs and those in the rural communities. But in Nigeria, a lifeline should never be a death sentence that is why government actions and policies should make the life of citizens more productive with energy security and safer with energy efficiency and not perilous.

Oil price has risen to about $84/barrel and the pump price for PMS has responded by increasing to almost N1000/Litre. This is the case of an economy that loathe buffer, no shock absorbers and not safety net for the citizens. In the United States and Israel that are championing the war, PMS is at all time low. Additionally, in Iran where the effects of the war is most pronounced, the citizens are still served with stable power supply. This is not the best way to repay the citizens of Nigeria who trusted their lives to a mode of economic reform that is operated with scanty regards for the economic support and survival of the citizens. In most countries, shock of this nature and scale prompt intervention, policy overhaul, regulatory action and address by the leadership to assure the country of government efforts to address the shock. The direct impact of the petroleum prices on the streets and economic consequences shows that regulatory response are not only weak but disjointed and often indifferent. This case show uneven response that is too slow to absorb any shock. Framing the price increase as response to war and crude oil price surge is not just inaccurate, it is harmful to an already struggling economy and her struggling citizens. It showed human inefficiency and economic regulatory anticipatory failures. Additionally, It rubs grieving citizens of the hard truth they deserve to hear from the government of inadequate assessment and poor management of the economy. This must not be borne by Nigerians because society that neglect the cost of energy and the consequences for it citizens betray humanity. These energy tragedies and economic consequences are not act of God but act of negligence, complacency, policy failure and stark reminder that until the government take the economy and life of its citizens seriously, energy shocks like this will continue to be conduit for sorrows rather than progress.

AVM (RTD) AKUGBE IYAMU

CONSULTANT ON CLIMATE CHANGE AND ANALYST ON ENVIRONMENTAL POLICIES

PRESIDENT ASSOCIATION OF ENVIRONMENTAL PROTECTION AND CLIMATE CHANGE PRACTITIONERS