It is time to redo the mathematics of oil & gas (O & G) revenue in Nigeria. By the way, this new deal will rub off on all mineral-bearing and producing areas in the years ahead. Health Warning: This may be a harrowing experience for die-hard cynics and faint-hearted politicians!
In the extant regimen, oil operations for the most part be a 60/40 Joint Venture in favour of the Federal Government of Nigeria. With the present practice of revenue consumption, the Federal Government(FG) has over the years failed the Niger Delta people. Things are now so bad that our country has been branded a "terrorist zone" within OPEC and the international community! Pity.
EIGHT years into full-blown democracy, the political elite has compounded the situation, and is obviously in need of new ideas. As we proceed to general elections in April, not much is on offer by the political gladiators! They are massively distracted and disparate!! Worrisome.
It is now time to proffer a "People's Solution thru' New Maths". We need to rework the sums, both at investment and consumption levels. And we should do so with courage and total conviction. I will be a prime mover and humble crusader in this seminal approach to quality and sustainable intervention in my homeland. It will be a "Win-Win Maths" package for all: states, federal, zone, activists, operators and host communities. Preparatory consultation be afoot.
The good thing about this ground-swelling change is that new sets of leaders are expected to emerge by May this year, and these folks are unlikely to bear the avoidable baggage of failed history. They would be more progressive, credible, competitive and forward-looking. Hope.
Staying the course with present policies be no option!
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