Oil and politics is a game played by two teams. The politicians and the oil producers, both playing on the same side, and scoring in the same goal post and guess who their opponents are
Your guess could be as good as mine.
The masses, I guess?
Yes, you are right the masses of course.
The only unfortunate thing though is the fact that the masses do not have an opportunity to be in the actual action, they are just onlookers or spectators at the side line or observers if I may put it that way. Those that seem to be a bit clever simply end up as ball boys. At least that is better than “stand dey look or just walker pass”.
Well the game is now tough as oil prices hit their lowest since the last world economic recession in 2008. This trend is not a surprise for those could read between the lines. By this time last year when economic guru, Bismarck Rewane predicted this trend and warned politician to take percussion on how they demand for money from the excess crude oil account, many greedy governors were still busy with court cases against the president for not sharing the national cake.
Well things are not looking like they are going to be better soon as far as crude oil price is concerned, especially when the Organization of the Petroleum Exporting Countries, OPEC refuse to cut output in response to a global supply power play. The non-passage of PIB by the Aminu Tambuwal led National Assembly has not helped matters. These guys were busy throughout their tenor, either jumping fences or exchanging blows in pursuit of their personal political ambition. Rather too late for them right now as their boat seems to be heading towards where the Titanic sank.
As crude oil prices sinks to a new four-year lows and OPEC maintaining its oil output ceiling of 30 million barrels per day with other big weight or non OPEC producers pumping even more, preferring not to cut production quotas, our country’s reserve is taking the hit.
The reserve being Nigeria’s number one back up for it foreign exchange has already gotten a black eye and the second eye in danger as well, with the Naira having a free fall against the dollar as symptoms. For governors who use to take the president to the boxing ring in order to force him to share from the excess crude account, they need not border anymore as that angle of funds has died from multiple injury no thanks to crude oil price crash in the international market and exchange rate draw back.
Nigeria politicians who are battling for relevance in the next political dispensation need money so badly at this time, especially the governors and senators who want to be power brokers, but the price war between Saudi Arabia, Russia and the United States of America for market share in the international energy market will have to take these politicians 40 days fasting, night and day with prayers to upturn this seemingly difficult situation oop! I forgot the elections is just few weeks away, dry fasting may not just be visible as the lack of free money from crude oil has already caused many politicians to lose their pot belly.
The world oil prices keep tumbling based on February and March deliveries, even at that as the three world’s largest oil producers, Saudi Arabia, Russia and US are taking the battle to the high sea with US having the upper hand thanks to it shale oil discovery in the state of Dakota, the reduce price of petrol at the pump for American consumers which is the dreamed of the US government is showing up. Whether it is going to be a long battle or a short one it is too late for any oil wind fall for any politician hoping to use such proceed for political campaign.
For Nigeria, it is a different ball game. Yes, the economy is indeed struggling under the impact of lower oil prices, but politicians will suffer more definitely as the election approaches. The US shale oil boom has been a major threat to Nigeria “no bi today” more than any other country. It is no more news that US has cut its demand for crude oil from Nigeria by 70% over the past one year.
We well know that these our politician don’t read between the lines. They ask for money, but where it is going to come from or how the source of such fund is going to be sustained for another collection time, they are clueless. Like a onetime Ugandan president would say “print more money”.
Anyway, if this trend continues and oil price fall below the $50 mark and since the Nigerian economy is heavily reliant on crude oil revenue, no doubt it won’t be wrong to say that politician may become endangered species. Don't forget that crude oil money has always been their driving force for power or better put their fuel for survival in this country. This situation seems to have removed the carpet off their feet without notice.
Have you ever heard politicians launching or raising fund for their political campaign, they simply collect cash from dark state treasury and distribute, a game which now has its two feet tied to the stalk, giving the masses opportunity to share the general wealth. At least people can easily spend more on petroleum product, especially diesel which coming down drastically without having to have a tight budget, hence creating more opportunity for small entrepreneurs and suppliers in that sector to begin to generate profit from turnover as users and industrialist can afford to spend more.

GMB till oil price increses

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