President Tinubu urged to open Petroleum Subsidy Trust Fund [Open Letter]

AN OPEN LETTER TO PRESIDENT TINUBU GCFR: URGENT CALL FOR THE ESTABLISHMENT OF A PETROLEUM SUBSIDY (TRUST) FUND (PSF) TO ALLEVIATE ECONOMIC HARDSHIP

Your Excellency, Sir,

I write to you with a sense of urgency and deep concern regarding the current economic challenges facing our beloved nation. As a citizen deeply interested in the progress and prosperity of Nigeria, I appeal to you to take decisive action by spearheading the establishment of a Petroleum Subsidy Fund (PSF) through the National Assembly.

The PSF, modeled after the successful Petroleum Trust Fund (PTF) of the Abacha administration, presents a critical opportunity to address the systemic issues surrounding the utilization of subsidy funds. Rather than dispersing these crucial resources to other places, where they are often misappropriated and diverted for personal gain, the PSF would serve as a centralized mechanism to ensure accountability, transparency, and optimal utilization of these funds for the collective benefit of all Nigerians.

It is distressing to witness the alarming trend where certain persons treat subsidy funds as personal slush funds, converting them into foreign currencies and hoarding them, thereby depriving the citizens of the much-needed developmental projects and services. This not only perpetuates economic disparity but also hampers the socio-economic progress of our nation as a whole.

The prevalent narrative of blaming the federal government, including yourself, for the economic woes plaguing our country while turning a blind eye to the actions of some of our governors is both unjust and counterproductive. It is imperative for the citizens of Nigeria to rise above partisan politics and demand accountability from their elected officials, particularly the state governors who wield significant power and influence over the allocation of public funds.

Every month, billions of naira are disbursed among the three tiers of government, yet many states continue to languish in poverty and underdevelopment due to the unchecked greed and corruption of a few unscrupulous individuals. It is high time that we as a nation collectively demand transparency, responsibility, and ethical governance from all levels of leadership.

Your Excellency, your leadership is pivotal in steering our nation towards a path of sustainable growth, equitable development, and shared prosperity. By championing the establishment of the PSF, you have the opportunity to leave a lasting legacy of accountability and good governance that will benefit generations to come.

With the Petroleum Subsidy Fund in place, a resolute retired judge, technocrat, or an incorruptible individual can be appointed to chair the trust fund. The candidate must be considered based on merit and proven integrity, regardless of their background. It is crucial to appoint a capable individual who is committed to delivering results. Only then can we expect to witness the construction and rehabilitation of our deteriorating roads nationwide, the revitalization of agricultural programmes, improvements in healthcare facilities, education, security, and more. Through nationwide projects funded by the PSF, millions of Nigerians could find employment. The impact of the trillions of naira saved from subsidies each month would gradually be felt by all Nigerians, easing the burden of hardship across the nation.

Implementing a strong system of monitoring and evaluation is crucial to ensure the effectiveness and accountability of the Petroleum Subsidy Fund (PSF). This oversight mechanism will help track and assess the activities of the PSF, making it a more viable and successful programme.

One effective strategy for maximizing the impact of the Petroleum Subsidy Fund (PSF) is to identify projects on a geopolitical and state-specific basis. By tailoring projects to address the unique needs of each region, the PSF can target areas that require immediate attention and development, ensuring a more equitable distribution of resources and benefits across the country.

To ensure the successful implementation of these projects, it is essential to engage capable contractors who have a proven track record of delivering projects on time and to high quality standards. By requiring contractors to provide performance bonds from reputable banks, the PSF can establish a system of accountability that incentivizes timely completion and adherence to quality benchmarks.

By executing projects through competent contractors with performance bonds in place, the PSF can effectively manage risks associated with project delays and substandard workmanship. This approach not only helps to safeguard the integrity of the projects but also instills confidence in the public that their resources are being utilized efficiently and effectively.

Furthermore, by making sure that every state in the country feels the impact of the programme through the timely and quality completion of projects, the PSF can contribute to overall national development and foster a sense of inclusivity and progress among all regions. This approach can help bridge the infrastructure gap, boost economic growth, and improve the quality of life for all Nigerians, ultimately creating a more sustainable and prosperous future for the nation.

Your Excellency, sir ,alleviating hardships in the country cannot be achieved by distributing palliatives of one bag of rice to 10 individuals, as observed in certain states. Often, only their political members reap the benefits of this limited provision. Therefore, it is crucial that you consider establishing a trust fund to bring development directly to the people.

I appeal to you to seize this momentous opportunity, prioritize the establishment of the PSF, and lead by example in fostering a culture of integrity, transparency, and prudent management of public resources. Together, let us work towards building a stronger, more resilient Nigeria where every citizen can thrive and fulfill their potential.

With unwavering faith in your vision and commitment to the betterment of our nation, We stand ready to support and collaborate with you in this noble endeavour.

AHMED B. Sani., Cottage Industry Development Enterprise.
Abuja, Nigeria.
27th February, 2024