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DEREGULATION, once again, is becoming the buzz word in discussions in various circles. It was triggered by a statement from President Goodluck Jonathan that the downstream oil sector has to be deregulated. This is not the first time such a statement is being made by top ranking government officials. Nor is it the first time labour unions and the civil society will rise up stoutly against it. We are all witnesses to what happened January 2012 when the federal government gave the nation a most unsavoury new year gift by removing oil subsidy.

The economy was grounded for more than one week and the nation lost billions of Naira as a result. The fury that accompanied the fuel subsidy removal, for the first time also exposed the corruption that is inherent in the fuel subsidy scheme. Unfortunately, none of those involved in the fraud has been effectively prosecuted to give the public the confidence that government is serious about tackling the corruption in the fuel subsidy regime. What Nigerians have seen so far is a perfunctory arraignment of people involved. What this does is to paint the picture that government is not ready to do what it takes to make the people give it the support needed for it to proceed with the subsidy removal which all union and civil society leaders had endorsed. But first, they want they government to put certain structures in place, which includes revamping the existing refineries, building new ones, improving infrastructure across the country and making public utilities work. These things, if done, will make life easier for the masses and also enable them to cope with the attendant price increases that will come with the removal of subsidy albeit temporarily. The federal government had started the Sure-P programme by reinvesting the money it got from the partial removal of the fuel subsidy last year. But the impact of SURE-P is not being felt across the country. In view of the aforementioned, many Nigerians were appalled when Jonathan raised dust by saying again that fuel subsidy must go. Another dimension was introduced when a court of competent jusrisdiction, for the first time, gave a ruling that fuel subsidy should stay. The new twist in the fuel subsidy debate prompted the Realnews editorial board to take a hard look at the issues involved. We hope that this week’s issue of our cover story entitled: Oil Subsidy Removal: Jonathan’s Road to Fire” will educate and enlighten you more on all shades of opinion on the issue to enable you to take the right decision when the need arises. The story was anchored by Olu Ojewale, general editor. Sit back and enjoy reading it. May we also use this opportunity to wish all our Christian brothers and sisters a happy Easter celebration.

Maureen Chigbo 
Editor

— Apr. 8, 2013 @ 01:00 GMT