Unfortunately Nigeria runs on corruption money. Nigeria business unfortunately works with corruption money. The system works with money created on the loopholes the same system creates. All attempt to stop corruption only means that the system would be in a re-set mode. This re-set mode means temporary shutdown of economic activities. This is the lot of Nigeria economy. This is our situation unfortunately my people.
I have always been saying this: Nigeria doesn’t have any inflow of cash except from this oil money. Once the oil money is received, it is cannibalized, shared and outrightly chopped by the first recipients of the money. If you are close to the “first recipients” in any manner, then you are lucky as you would get your part of the national cake. It is how it has been.
How come businesses are crying because government is squeezing her cash? How come banks are groaning because government has refused to allow her cash to just lie unattended to in the banks? How come “so called billionaires” have suddenly become so quite because government money is not flowing as it used to? How come many of the telecoms companies are not expanding their infrastructures because they couldn’t access bank loans? Many unanswered question I tell you.
It only says something: Nigeria has been running on the loose money created by extreme corruption in the government system. This is a major issue. It only exposes the fact that nothing of substance has been working in the true sense of the word for many years.
How do you expect PHCN(or is it NEPA?) to work when the people who bought over the PHCN structures(like the DISCOs,..etc) are business hackers who want to use government money to fund their business? How?? I still don’t get it. You privatised a company yet the same company expects you to support her financially. Is that sensible? That has been the style unfortunately.
How do you expect NNPC with the same individuals to provide uninterrupted fuel supply to you? How? It won’t work. Mind you government is the sole importer of petrol into the country . What does this mean? It means NNPC is in charge of 100% importation of petrol. Yet you expect NNPC to make it work? It is either Buhari takes on the NUPENG and PENGASSAN as far as NNPC is concerned or just throw in the towel.
NNPC cannot operate 4 refineries. NNPC doesn’t have proper account of crude oil sales for the past 16 years. NNPC has constituted herself into the alpha and omega of our crude oil business. Now with the help of NUPENG and PENGASSAN, NNPC has constituted herself into an alternate government to be “worshipped”. If that cult called NNPC is not destroyed, I don’t
see any tangible thing to be done to salvage the oil industry vis-à-vis our crude oil revenue stream. Many individuals in NNPC are so rich that it would be difficult to control them. NNPC is part of the problem, how it would be part of the solution is still a surprise to me.
The independent oil marketers have bolted away. Since many of them couldn’t access government money in the bank to borrow, they have melted into their various cocoons. Like I have always re-iterated, they never had money. They were and are just hustling for government money in various banks to do their business. With TSA and BVN blocking a lot of “loop holes”, it has been wahala all the way.
I could go on and on… It just tells us that Buhari has to find a way to explain in a succinct manner to Nigerians that little business has been operating in the normal honest manner in Nigeria for decades. It has been corruption money that has been the corner stone of major businesses in Nigeria. He needs to let people understand that government loopholes in financial regulations have made billionaires out of people. The current brouhaha has been caused by government tightening of the loopholes. He needs to find a way to make government resources reach the most vulnerable without being hijacked.
For now, he needs to find a way to work out how to stop corruption from a system that has her soul tied to corruption. It is no tea-party. Ewolewooo!!