By Nath Omame Jnr.
UNDOUBTEDLY, the South South has been the Financial Fountain of Nigeria. The Nigerian Financial Economy blossomed through the ingrained natural oil resources from Oloibiri, in Bayelsa State, in 1955. Of what relevance is Oloibiri to Nigeria, today?
Oloibiri has been forgotten. Why? Today, Oloibiri is devastated like Hiroshima and Nagasaki, into nothingness. Emptiness. No development and transformation.
Majority of Nigerian crude oil is exploited from the South South geo-political region. So, what has the region benefited? How many people in the South South have Oil Mining License (OML)? How many people from the South South geo-political region have crude oil lifting contracts?
Since political power is the major determinant factor, of financial empowerment, in Nigeria, clearly, the South South needs to re-stratergise to get a meaningful and rewarding political stake in the nations polity.
There is a visible need for the South South geo-political region to evolve an expansive political alignment that will pave the way for a concerted productive political vision that will propel the region into the totem pole of Nigerian political leadership.
There is an optimal necessity for politicians from the South South geo-political region
to rationalize on the Way Forward for the transformation and development of the geo-political region.
At a time, chosen by the deep-seated Nigerian established noxious political oligarchy, it introduced petroleum subsidy. But to what end?
When a South South person, Diezani Madueke, was in charge of the petroleum ministry, she did nothing to empower people from the South South geo-political region.
Therefore, there are multifarious complaints borne out of the planned and calculated design to deprive and deny the South South geo-political region of it’s financial and economic entitlement.
Sadly, the oligarchs continue to succeed. Now, some of them are in exile, running from court to court in different jurisdictions and countries to evade arrest and deportation.
Undoubtedly, the withdrawal of petroleum subsidy by President Bola Ahmed Tinubu’s government, arguably, is the best policy of his government. There are divergent opinions for that policy. Some positive, some negative. But, it is in tandem a state policy.
Those who benefited from the Subsidy Regime were children of chief top-wigs, chieftains of the ruling party.
Some claimed they imported petroleum products through Benin Republic without legal verifiable evidence.
What should concern Nigerians now, is how much is accruing from the withdrawal of petroleum subsidy; and how is the money being disbursed? Are Nigerians benefing?
These are what should be the issues of discourse, not malicious criticisms, inspired by utterly endemic political ambitions for 2027, by evidential corrupt politicians that have thoroughly salted Nigeria’s money, by deploying their political positions to
intimidate the Central Bank of Nigeria,(CBN), to empower their fellow launderers to enrich themselves; their families, political and social cronies through twisted financial and economic channels.
There was a fund for the development of oil producing states which was encased in Special Account in the Central Bank of Nigeria, (CBN), established by law.
With the advent of the Niger Delta Development Commission (NDDC) and subsequent creation of a Niger Delta ministry, the lot of the people did not change. President Tinubu’s government is today advocating for a South South Development Commission. How much more magic will the people endure before succour comes to the region!
From what has transpired, the South South geo-political region should learn from this political trajectory and foster unity to gain national financial and economic relevance.
Half a word, is indeed, enough for the wise.
