Both chambers of the National Assembly have become notorious for dabbling into investigations meant to “unravel” one case of corruption or the other. They are currently asking questions about money diverted to kerosene “subsidy” that only ghosts could enjoy. It is almost certain that the probes will lead to nowhere, as the executive arm of government has never taken them seriously.
The managers of the nation’s cash cow (petroleum resources) claim that they have spent more than N1trillion on kerosene subsidy in the past four years; we have been told they spent N700million daily on the phantom subsidy. Yet, petroleum resources minister Diezani Alison-Madueke and NNPC chieftains admitted before a Senate committee last week that no money had been appropriated for kerosene subsidy in the nation’s annual budgets.
If history is any guide, we are convinced that the National Assembly is just wasting more time and resources. Similar scams have been exposed in the recent past, but nothing has happened to the culprits. Two years ago, for instance, about N2trillion was embezzled by selected Nigerians hiding behind “fuel subsidy”. Several panels constituted to investigate this all gave the same verdict. Another panel headed by Nuhu Ribadu also found that the nation’s oil was being stolen in the high seas of the Niger Delta on a daily basis. The federal government has perhaps the largest graveyard of probe reports.
For decades, the lack of transparency in Nigeria’s petroleum sector has been recognised by both local and international players. The situation is so bad that nobody – not the finance minister, not even the NNPC or the president – can state the quantity of crude shipped from the country’s shores. Informed observers believe, however, that over 50 per cent of the actual quantity of crude exported is not reported. Not satisfied, the oil thieves created a phantom subsidy on virtually all petroleum products. In reality, no subsidy exists: kerosene is not sold N50 per litre but N150 where it is available.
It has been proved beyond reasonable doubt that what is labelled as “subsidy” is in fact a slush fund from which politicians in power steal money for fighting elections, maintaining their harems of concubines, corrupting and weakening institutions that could fight crime, and keeping fat accounts in foreign banks. The same people that stole N2trillion under the guise of importing subsidised fuel in 2011 were the ones that bought 123 private jets in 2012 alone.
One thing the legislators should do now is end the subsidy regime at once. And let nobody be frightened by the high prices of the commodities that may be witnessed in the first few weeks: the prices are manipulated and would surely come down. Already, what Nigerians pay for “subsidised” products like petrol and kerosene are among the highest in the world. And they are only paying for the inefficiency of the NNPC and the government it represents. Which other oil-rich nation imports almost all of its fuel needs?
The country does not need more probes of kerosene subsidy scams. Reason: the thieves are more powerful than those probing them. True patriots should devise better ways of driving the subsidy thieves out of business.
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