When in 2015, President Muhamadu Buhari (PMB), appointed himself Nigeria’s petroleum minister, despite his refusal to act in line with the provisions of Nigeria’s constitution which forbids him as president to hold any other position like this one, ("The President of Federal Republic of Nigeria shall not, during his tenure in office, hold any other executive office or paid employment in any capacity whatsoever"- Section 138, constitution of Federal Republic of Nigeria, 1999) and the subsequent appointment of Mr. Ibe Kachuckwu, as minister of state for petroleum, considering the much alleged corruption which PMB claimed was deeply rooted at the Nigerian National Petroleum Coporation (NNPC) towers, some Nigerians where happy thinking that the end to fuel scarcity was in sight and that the nation’s petroleum industry cabal who were always holding Nigerians to ransom by creating artificial scarcity, at will, may have been brought down to their knees.
Petroleum ministers all over the world, in any country that they exist, perform key roles that ensure sanity in the industry and availability of petroleum products to consumers at a well regulated price regime.
When in 2015, President Muhamadu Buhari (PMB), appointed himself Nigeria’s petroleum minister, despite his refusal to act in line with the provisions of Nigeria’s constitution which forbids him as president to hold any other position like this one, ("The President of Federal Republic of Nigeria shall not, during his tenure in office, hold any other executive office or paid employment in any capacity whatsoever"- Section 138, constitution of Federal Republic of Nigeria, 1999) and the subsequent appointment of Mr. Ibe Kachuckwu, as minister of state for petroleum, considering the much alleged corruption which PMB claimed was deeply rooted at the Nigerian National Petroleum Coporation (NNPC) towers, some Nigerians where happy thinking that the end to fuel scarcity was in sight and that the nation’s petroleum industry cabal who were always holding Nigerians to ransom by creating artificial scarcity, at will, may have been brought down to their knees. But with just about 2 months to the end of PMB’s 1st year in office, the much anticipated miracle in the petroleum sector seams a mirage as even the unbundling of the NNPC has been vehemently opposed by the petroleum sector labour unions.
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Subsidizing petroleum even in some well developed economies remains an acceptable concept which is well practiced by most underdeveloped or developing economies like ours. With reference to the theory of demand and supply, what will ultimately guaranty an affordable and availability of locally refined crude products is the development of local capacity for an effective and sustainable domestic refining of crude petroleum rather than importing finished crude which is controlled by international market forces, which in turn depletes the nation’s financial fortunes resulting in capital flight and also impoverishes Nigeria’s labour force which would have been engaged through job creation, and eventual wealth creation for the nation.
This can only be achieved when Mr. President attempts a deliberate policy, akin to that of other petroleum economies, that guaranty an investor’s profitability in the refining business, and a deliberate, consistent and world class strategy, carefully planned and well executed to achieve self sufficiency in local refined crude production.
Since this may not be achieved immediately because of the technicalities and the huge task it requires, PMB, should urgently adopt whatever subsidy formula former President Goodluck Ebele Jonathan, applied to achieve almost a seamless availability of fuel, at a near, nationwide well regulated price. While this is being applied, genuine and deliberate plans should be put in place for local refining of crude.
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The business of the petroleum sector is a serious one that requires the application of a pragmatic approach, cutting edge solutions through innovative technologies, and well articulated world class measures to achieve results.
PBM is too busy, globetrotting, and fighting corruption, to dedicate adequate time for a serious business of this nature that controls the entire Nigerian economy to achieve the foregoing. Besides, section 138 of the 1999 constitution of the Federal Republic of Nigeria, forbids Mr. President from holding this office (The President of Federal Republic of Nigeria shall not, during his tenure in office, hold any other executive office or paid employment in any capacity whatsoever)
Also, the recent shameful pronouncement of Minister of State for Petroleum, Ibe Kachuwku, that the current petroleum scarcity will persist till the month of May, 2016, even though he was forced to apologize and assure Nigerians that it will end in April, and the outburst by a former governor of Lagos State and All Progressives Congress, APC, national leader, Asiwaju Bola Ahmed Tinubu, regarding the Minister’s conduct while addressing the press on the persistent fuel scarcity, is a danger signal that attest to the duo’s (PMB and Kachukwu’s) inability and lack of capacity to revamp the petroleum sector.
While Mr. Ibe Kachukwu may possess the competences to make an appreciable progress, PMB should hounorably relinquish his position as minister for petroleum, apologize to Nigerians and appoint another egg head to assist Kachukwu rather than sit tight as the minister and plunge the nation into avoidable hardship.
PMB’s continuous clinging unto power as minister for this sector and his self imposition on Nigerians as the only man who can bring sanity to the sector may spell doom and this is unacceptable as Nigeria parades a very huge well schooled and well trained technocrats even in the diasporas, willing to serve and make sacrifices for our dear nation to move forward.
With reference to Nigeria’s mono economy, and total dependence on oil revenues which forms about 75% of the nation’s foreign exchange, especially as the cost of crude oil at the international market continues to crash at an all time low, it has become imperative for PMB to start thinking outside the box since he has demonstrated that he lacks the skills and knowledge to at list make fuel available to Nigerians since he assumed office.
His continuous holding onto power as minster for petroleum may begin to prove some critics right that it is for the purpose of reallocation of oil block licenses to his friends and cronies since these licenses will soon expire. It may also prove other critics right that it is to enable him fund his party, the APC, for the 2019 general elections which the party has already declared; “no vacancy in Aso Rock come 2019”, in its recently held NEC convention in Abuja.
Above all, President Muhamadu Buhari is not above the law; he should respect the law, the Nigerian constitution which he swore to uphold by honouring the provisions of section 138, as enshrined in 1999 constitution of the Federal Republic of Nigeria.
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