Thread of deception: Nigeria’s subsidy burden, By Umar Yakubu

Thread of deception: Nigeria’s subsidy burden

What if we built more refineries
a vision we hold dear
to accommodate our growth
as population does appear.
No longer letting our refineries decay
year after year
preserving their essence,
their value held near.

What if the funds
earmarked for Turn Around Maintenance
were truly utilised
not lost in mismanagement’s trance
billions of dollars
a substantial inheritance
to rejuvenate our refineries
enhancing their stance.

What if we sought justice
prosecuted those to blame
Ministry of Petroleum and NNPC staff
with shame
misappropriation of funds
a grievous, wicked game
accountability prevailing
restoring honour’s flame.

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What if foreign companies
involved in deceit
partaking in phony maintenance schemes
their fraud discreet
we blacklisted and prosecuted
a message complete
integrity upheld
ensuring our industry’s heartbeat.

What if we privatised
corruption out of sight
realising control was a futile fight
Dangote and others
their expertise taking flight
a transformed sector
shining ever so bright.

What if in 2007
when the sale was done
we fully liberalised
giving competition a run
unleashing the potential
a new era begun
a vibrant market
where progress can be won.

What if we didn’t reverse
the sale once complete
the comatose refineries
their fate bittersweet
but if we had thought
before facing that feat
a comprehensive plan
a future we’d meet.

What if
after reversing
we laid out a new scheme
a strategy with purpose
a well-thought-out dream
resurrecting the refineries
as a united team
reviving our industry
like a flowing stream.

What if we had allowed
good intentions of
the subsidy regime
where it hovered
between N351 billion
($2.66 billion) in 2005
and N416.45 billion
($2.76 billion) in 2010
our strive, for stability and growth
a precarious theme.

What if The Shoeless One had not
in 2011
within one year
made the payment of N1.9 trillion
($12.18 billion)
a monster, a sudden burden we faced
shedding a tear
in search of solutions,
to make it all clear.

What if we had succeeded in
curbing organised crime
not allowing it to reach N4.39 trillion
($9.7 billion) in time
under Mallam Yawale in 2022 a paradigm,
staff of NNPC sticking to duties, not dollars.

What if PPPRA staff do not connive
with marketers to submit false claims
diiligent officers of Customs would spot
900 trucks per day
hold their aims
vigilant policemen making confiscations
tackling economic games
and the gallant DSS officers apprehending,
their dedication aflame.

What if the eagle-eyed officers of EFCC prosecuting,
distorting criminal ways
the NFIU realising its core mandate
disrupting illegal pays
the CBN applying deterrent penalties
making criminals face
financial institutions held accountable
no more evil strays.

What if these dreams became reality
a nation united
combating illegality
starting with inner soul searching
a petroleum sector devoid of fallacy
a prosperous future, our shared mentality.

What if we dared to envision a future anew
a synergy of efforts
bringing dreams into view
where corruption’s grip weakens
integrity in lieu
a nation rising
with opportunities to pursue.

Let us strive for these “what ifs”
with ardour and might
guided by principles
ensuring what’s right
together we stand
as we work day and night
to shape a better future
where hope takes flight.

Umar Yakubu is with the Centre for Fiscal Transparency and Integrity Watch. Twitter @umaryakubu