Professor Wumi Iledare, Chair at the University of Cape Coast, Ghana has described the transactional mindset of every successive leader of the Nigerian Labour Congress (NLC) as the fundamental reason why the petrol subsidy regime has been grossly abused in Nigeria.
The Professor of Petroleum Economics and Policy Research made this statement as a moderator of a panel session with the theme: “The Need to Humanize Energy, Its Challenges and the Ways to Humanize Energy in Nigeria/Africa, at the ongoing 6th Nigeria International Energy Summit in Abuja. .
According to Iledare, is the planned removal of petrol subsidy an act of dehuminising the energy landscape? The answer is No!.
He emphasised that the entire subsidy regime is a transactional leadership mindset, that has perpetuated petrol subsidy which he described as a strain on Nigeria’s struggling economy.
That is why every leader of the NLC can only get a button if he agitates over the controversial regime.
“Removing petrol subsidy is in fact an opportunity to optimise human energy-centric mindset that has made it quite difficult for Nigerians to access good roads network across the country, better healthcare, and infrastructure,” the Professor said.
Iledare noted that the energy-centric crisis associated with petrol subsidy due to the transactional mindset of the NLC leaders, is also a fundamental issue responsible for the mass exodus of Nigerian youths to other countries, the phenomenon which is popularly known as ‘Japa’
The Professor of Petroleum Economics emphasised that the beneficiaries of the petrol subsidy regime have for many years benefited from subsidising the importation of the product than exporting into Nigeria, having gained access to foreign exchange with profitable margins.
He insisted that some of these people have taken pleasure in converting public wealth to personal wealth having earned so much from liquidation margins, transportation margins and others.