After 25 years of talking about the removal of subsidy on premium motor spirit (PMS), President Goodluck Jonathan effectively ended the discussion last Sunday. While the jury is still out as to whether his decision was borne by courage or sheer foolhardiness, there can be no doubt about the fact that he has put his presidency on the line on this matter.

I am one of the advocates for the deregulation of the downstream sector of the petroleum industry which includes, but not limited to, the removal of subsidy on PMS. But the current narrative has been framed as no more than a measure to generate more money for the three tiers of government to share. It is therefore little surprise that the administration is not only losing those who may be sympathetic to the idea of deregulation but has also hardened those who oppose it. Notwithstanding the committee of eminent Nigerians established with what is clearly a dubious mandate (since all revenues will go to Federation Account and be shared, raising questions as to where this so-called 'subsidy savings' not in the 2012 appropriation bill is coming from), there is bound to be problem in the weeks and possibly months ahead.

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