Subsidy Removal: Result Of Mismanagement

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Professor Alaba Ogunsanwo, a lecturer in the Department of Politics and International Studies at Lead City University, Ibadan, Oyo State says the planned removal of subsidy on petroleum is the price the nation must pay for years of economic mismanagement.

“We have derailed economically for long and the consequence is what we are experiencing today,” Ogunsanwo told the News Agency of Nigeria (NAN) in Ibadan on Wednesday.

Ogunsanwo blamed successive administrations for the nation’s current economic problems, noting that a differential price regime was obtainable for petroleum products at independence.

He said because of the deregulation policy, prices of petroleum products in Lagos were different from that of Kano.

“Petroleum products in those days were transported by rail and sold at different prices in states without any public outcry.”

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Ogunsanwo said the outcry over subsidy removal would not have been much if the initiative had not been dogged by corruption.

“The planned removal of subsidy is not bad if our people have not turned the subsidy programme to looting machine,” adding that the Sovereign Wealth Fund (SWF) was a good idea.

“The Constitution, however, needs to be amended to allow its implementation. ”

He urged political leaders at all levels to cooperate and support the initiative.

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