The Absence of Excess From The US/Iran and Israel War and The Noticeable Impoverishment of Nigeria Citizens 

By AKUGBE IYAMU MNSA fsi

In 1990/1991, there was excess from the oil windfall and it was managed to the benefits of the citizens. From history, it is safe to say that a leader’s impact is not abstract, it must shape systems and features in a way that extend far beyond a stage.

This is because the development of a country is a relay, one leader carries another for a stretch then the other carry another one for another stretch. When leaders hold their Nations hands into development, successive leadership must do the same: It should multiply.

As an oil producing country, Nigerians should not be subjected to the current hardship arising from the war,

Nigeria must learn to live with herself because the object of change is a mindset reset as the US/Iran/Israel war shows one country with many stages.

It showed that a country’s economic policy is not is not a grocery store or supermarket of contending policies and promises on its own is not enough to bridge structural separation.

The war and lack of excess foreign reserve show that policy is a symbol that carries the idea of renewal and transformation but the collection should lean on the wellbeing of the country and her citizens.

The war has further accentuated the sad reality that Nigeria is about the only oil producing country that still rely so much on imported petroleum products.

At this time of crisis in the energy sector, as obtained in countries like Australia, Nigeria need to subsidize food and other essential commodities since there is a direct correlation between elevated petroleum prices and rising food prices.

The Middle East war has completely shown Nigeria economic vulnerability and energy insecurity. Since the war started, fuel price has skyrocketed from #800 to between 1300 and 1600 Naira depending on the location.

This same scenario was managed on March 6, 1991 when the Babangida regime only increased the pump price of fuel from 60 kobo to 70 kobo per litre (a 16.67% increase).

In a similar circumstances during the 1990–1991 Gulf War, the administration of General Ibrahim Babangida managed fuel prices by implementing a modest increase in the domestic pump price while overseeing a massive, controversial surge in national oil revenue, known as the Gulf War Oil Windfall.

While global oil prices soared due to supply disruptions, causing Nigeria to earn an estimated $12.2 to $12.4 billion in additional revenue, domestic fuel prices were adjusted to 70 kobo per litre in March 1991.

To cushion the effects of this price increase on the general population, the administration utilized funds to support the Urban Mass Transit Agency.

When a country unifies her citizens under economic hardship, it remains a reliable and fundamental source that provides context, nuance and long insight which would help to identify on time resilience during economic shock.

Challenges bends differently around countries and nations move around them with a rhythm that is uniquely theirs.

As the middle east war has completely shown, building a strong economy in Nigeria is not an optional add on but a fundamental and non negotiable pattern that is consistent in every country where economic growth and development were recorded.

AVM (RTD) AKUGBE IYAMU MNSA fsi

CONSULTANT ON CLIMATE CHANGE AND ANALYST ON ENVIRONMENTAL POLICIES

PRESIDENT ASSOCIATION OF ENVIRONMENTAL PROTECTION AND CLIMATE CHANGE PRACTITIONERS