NAKSS: Deregulation of Nigeria oil sector

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*NATIONAL ASSOCIATION OF KWARA STATE STUDENTS (NAKSS) NATIONAL HEADQUARTERS*


OFFICE OF THE NATIONAL PRESIDENT


*Deregulation of the Nigerian Oil Sector by the Federal Government: A Wrong Timed Policy*


The current menace faced by the Nigerian people, following the prevalence of Covid 19, is the newly announced Pump price of the Premium Motor Spirit (PMS) popuparly known as Petrol which was birthed through the policy of the Federal Government of Nigeria on the Nigeria oil sector.



On Wednesday, 2nd of September, 2020, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced a new pump price for the PMS which is benchmarked at One Hundred and Sixty-two Naira (#162) across the nation. It was reported to be in compliance to the deregulation policy from the Federal Government who increased the deport loading price of the product by placing a new price regime of the product at N151:56k.


In it actual sense, it is a mean to inform the public of the removal of subsidy by the Government. Subsidies on imported petroleum products are considered to be an important instrument for keeping fuel prices, and hence the cost of living, low. Sequel to this, one would not have expected a reasonable government to deregulate the sole sector which has impact in the financial survival of many Nigerians owing to the impact of covid 19 on our socioeconomic strength in Nigeria. 


With disregard to the Nigeria economic crisis, the Nigerian Government has before now come up with strict revenue policies which have been accepted by the citizens, examples are stamp duty and VAT. The negative reaction of these policy is obvious to everyone since it's felt at all cardinals of the nation but still the citizens took it as a responsibility to save the country from her economic mess.


The deregulation of the Nigeria Oil sector hence is following the increase in electricity tariff plans and also decrease in the Nigeria currency in the international market. It's already very hard and complicated in the past few months not to talk of now when every burden are to be beared by the people through the inconsiderate government policy. Although not limited to them, the following remains the major impact of this new policy on the Nigerian people:


1. Exploitation of the Masses as the marketer takes the opportunity of their independence to increase the price of the fuel


2. Unnecessary inflation in the production and sales of commodity in across the country. 


3. Increaae in the cost of living and transportation 


4. Social vices amongst many others.


Sequel to the above impacts, unless anyone is hoping/willing to be hypocritical, you'll agree with me that the deregulation policy should be swiftly reversed as its negative impact is more damaging than the goods the intent of the government would create.


Although deregulation would bring sanity into the oil and gas industry since smuggling of petroleum products, vandalizatoin of pipelines and all other vices in the sector will be totally removed but  however, domestic price of oil will increase which I believe Nigerians are not ready to face now owing to our economic status.


In my opinion I conclude with many other Students' Leaders and Nigerian students who would be the end receiver of the infliction of this policy that the government should immediately reverse the deregulation of the Nigerian sector for this is a wrong timing for such policy. It's to be noted that Nigeria is just recovering from the shock on our economic strength by the novel corona virus and if policies are not considerably made, the people might be subjected to unnecessary and artificial sufferings.



Signed

*ADISA-JAJI, Azeez*

National President 

2019/2020



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