Fuel subsidy removal, a satanic policy

Does fuel subsidy exist? What are the pains, gains? Who does it affect most? These and others were what they sought answers to at the maiden National Stakeholders and Youth Forum on Energy Access, with the theme: Fuel Subsidy: The Environmental and Socio- Economic Pains and Gains. Although it certainly cannot be seen nor be described as the best New Year gift to citizens, on January 1, 2012, Nigerians ceased to enjoy all forms of subsidies on Premium Motor Spirit, popularly called Petrol, courtesy of the new policy announced by the petroleum Products Pricing Regulatory Agency (PPPRA) and this has generated heats and debates in the public scene. Last Thursday at the National Open University of Nigeria (NOUN), Osogbo, Osun State, over 100 youths gathered at the complex hall of the university for a programme aimed at promoting access to clean energy and curbing energy poverty organised by Young Volunteers for the Environment (YVE), Nigeria. Panelists at the event included Mr Samson Adejola, YVE President; Taiwo Adewole, an environmentalist and Kunle Oladimeji, among others, while Kemi Komolafe and Prince Seyi Olawuyi were the moderators. Discussing on the pains of fuel subsidy, Taiwo Adewole, traced the policy of fuel subsidy into Nigeria during the Ibrahim Babangida’s administration when our refineries failed due to no-maintenance. It was introduced to temporarily stabilise the price of petroleum product while the refineries underwent rehabilitation. It was meant to last for only six months. He explained that its removal which was a ‘satanic policy’ was a great shock, which many Nigerians are yet to recover from. “The Nigerian economy over the years has been programmed to revolve around the supply of ‘cheap’ petroleum products. An average household in Nigeria depends on subsidised by-products of crude oil such as petrol and kerosene for domestic and commercial use,”