The opportunity cost of not knowing how much crude oil we are actually extracting is staggering. Added to the entrenched burden of crude oil theft, it is mind-boggling. The cost translates into a dysfunctional under-funded education system, railway systems un-built, lack of functional refineries and a dilapidated power infrastructure. All of which added together leads to growth without sustainable development.
It manifests itself in the absurdity of the organised illicit trade in crude oil through the “Togo triangle” which this newspaper has exposed elsewhere in this issue. That this is the situation 56 years after crude oil was first discovered in Olobori speaks volumes about the nature of Nigeria’s post-colonial state. The issue should have been settled half a century ago.
Let us recall that the issue of standard weights and measures triggered off the French Revolution. That was in 1789! It is pathetic that the Nigerian government today is seriously sounding helpless about what to do in enforcing its own metering injunctions to the oil companies.
We are made to understand that three months after the introduction of the metering policy, 15 oil companies are yet to comply with the directive. This beggar’s belief. We have to ask what the essence of the state is. Why does the state exist at all in the first place? If as a government spokesman has pointed out only 11 out of the 26 oil firms have fully complied with the policy, then what is to be done?
It is clear that riddled with corruption and operating outside the spotlight the monitoring agencies have let the country down. This is the sort of dereliction of duty which is to be expected from a failing state. In addition, we have to wonder about what on earth our over pampered legislators are doing about all this?
Obviously not a great deal! It is about time they woke up from their slumber. They are over-paid to carry out an oversight function. Henceforth, we expect vigorous enforcement of the various degrees of punishment for companies that fail to comply with the provisions of the Metering Act.
Indeed, we ought to up the ante of enforcement. There should not only be punitive fines and punishment, but restitution should also be made. This whole issue is a disgrace! Our authorities should ask themselves, how come this is not an issue in Angola or any other African oil producer?
