Consequences of N145 per litre fuel – 2

“The liberalization policy will lead to the creation of 600,000 jobs.. Lai Mohammed, Information Minister, NATION, May 17, 2016, p 6. “Those who do not remember the past are condemned to repeat it. George Santayana, 1863-1952. (VANGUARD BOOK OF QUOTATIONS, p 93). The vague promise by the Minister of Information, of 600,000 jobs which will be created by the fuel price increase which was received with skepticism on these pages last week, provides an appropriate point of departure for today’s discussion. We have had seventeen fuel price increases since General Gowon became Head of State and moved it from six kobo (6k) to eight kobo and a half (8.45k). Then, as now, mounting subsidy payments was said to be responsible for the increase.