Former Peoples Democratic Party(PDP) governorship candidate in Ogun State, Nigeria, Segun Sowunmi, has weighed in on the lingering fuel crisis on the sidelines of the 30th Nigerian Energy Summit.
Speaking in an interview with News Central at the 30th Nigerian Economic Summit, Sowunmi expressed the collective disappointment of Nigerians, whose hopes were dashed after the price of petrol increased despite the launch of the Dangote Refinery.
“Before we got the Dangote Refinery, we all held our breath, believing that once we had a refinery, we would get out of this problem. But now we have Dangote Refinery and we still have to deal with some challenges.”
Sowunmi emphasised the urgent need to determine the point where market forces, monopolies, and government regulation intersect to protect Nigerian citizens. He reiterated that it is the duty of the Nigerian government to ensure the safety and well-being of its citizens, particularly in the presence of monopolies and influential private sector entities.
“So I’ve been studying the books, I’ve been, you know, combing through the history of the whole thing to figure out where the market force and the monopoly and government regulation where they must intersect to protect the citizen.
“But I’m not done yet. I don’t like to talk on issues until I’m fully done and I can talk briefly and forcefully. But what I can just say in the meantime is that it is the duty of the government to protect its citizens, especially in the face of big monopolies and big private sector players.
“And if they have a central product that all of their life depends on, I don’t know what name you want to call it, if you cannot call it subsidy then you have to depress the private sector people and force them to reduce prices.
“Maybe you will give up some of your taxes or whatever you do, but there is no way we’re going to leave citizens at the mercy of the private sector. That’s not going to be the way sensible leaders behave because at the end of the day, if the citizens get fed up and there’s a revolt, even private sector will not wait.”
Watch the clip below.
