'Jonathan’s Sure-P, a monumental fraud' - Tinubu | Welcome to Linda Ikeji's Blog

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Friday, 20 May 2016

'Jonathan’s Sure-P, a monumental fraud' - Tinubu

National Leader of APC, Bola Tinubu has described as a monumental fraud the SURE-P scheme operated by the Jonathan administration. SURE-P is the Subsidy Reinvestment and Empowerment Program established by the immediate past government to re-invest the Federal Government savings from fuel subsidy removal on critical infrastructure projects and social safety net programmes with direct impact on the citizens of Nigeria. 

According to a statement he released yesterday May 19th, Tinubu said President Buhari acted right by removing subsidy from oil. 


President Buhari after carefully weighing the options decided to do what is right. In an act of courage he removed the oil subsidy thereby freeing the downstream component of this strategic sector of the economy from the distortions of price fixing. However, this decision was not to be a step toward conservative austerity as practiced by the former government. That government simply wanted to end the program that they may prove obedient to neoliberal economic doctrines. They offered no programs of valid compensation to the people. Instead, they instigated a policy of monumental fraud known as Sure-P. However, the only thing sure about it was that its architects would siphon the public’s funds to fatten their own wallets. They wanted to save money (for themselves) yet expend the people for no good reason at all.

Read his full statement after the cut
Ending Price Fixing, The Making of Economic Sense
To construct the right building sometimes means we have to tear down the wrong one standing in our way. Our economic development hinges in equal measure on saying good bye to debilitating and corrupted old practices as it does on embracing efficient, wealth creating new ones.
As political progressives, we are anchored by a healthy and strong regard for the positive role government must assume in ensuring fair play and the just allocation of wealth and benefits within our political economy. We understand that the so called free market is not always fair. This is the major reason that we advocate a comprehensive policy of economic development projects coupled with social programs. These development projects will build the infrastructure and create jobs that were beyond the ability and rationale of our private sector to do. The social programs will bring succor to those the dynamics of the free market would have otherwise left behind.
Yet, as progressives we must be pragmatic and not allow ourselves to become blinded by or render ourselves subservient to ideological bias. Ideology is meant to serve us, not us to serve it. As such, we must recognize that there are certain things the workings of the market perform better over the longer arc of time than government may perform. Establishing the most efficient price for what is essentially an economic commodity is one such thing better left to the interplay of supply and demand. While short-term exigencies may at times call for government action to stabilize markets and prices, government’s long-term determination of such economic prices, although initiated with the finest intentions, often contorts into something ugly and callous. It tends to transmute into corruption, waste and distorted pricing signals that cost the economy more than they benefit the people.
Against this background, we must assess the recent decision to allow the workings of supply and demand to determine the price of fuel. Most of us have called this process one of deregulation. This is an inaccuracy that should be promptly corrected. This decision should end arbitrary government price fixing. By ending this price fixing, government regulation of this market will not be eliminated. It will simply change from its emphasis on maintaining a subsidized price to ensuring that the market remains free and devoid of collusion so that sufficient supply is available at a defensible and affordable albeit higher than subsidy price. Government must still monitor this market to ensure against unjust enrichment that comes from attempts at price fixing.
Understandably the new pricing decision elicited mixed reactions from a cross section of Nigerians. This is understandable in view of the fact that the fuel subsidy had been with us for such a long period that it seemed integral to our political and economic life. However, we should not lament the departure of something just because of its longevity particularly when that very policy had ceased to serve us long ago.
The decision to end the subsidy was hard but it was also inevitable. It had distorted into a system where wrongdoers benefited at the expense of the innocent. The bogus supplier was paid for supplying nothing while you sweated in long lines for fuel that was never there. The smuggler secreted fuel across the border while our economy crossed the border into fuel scarcity. As the price stayed fixed at a low level, investors were apprehensive about fixing existing or building new refineries. Our petrochemical industry remained unfertilized because potential investors could not decipher how they could make a decent return under such a pricing regime. Because of these imbalances, we were forced to export hard currency and many jobs to purchase fuel and other products abroad.
While the price of fuel was cheap in paper, these were the hidden costs that made the subsidy regime an expensive and heavy yoke the nation could ill continue. With dwindling revenue from oil due to the slump in global oil prices and a dwindling forex reserve, the country could no longer live in denial.
President Buhari after carefully weighing the options decided to do what is right. In an act of courage he removed the oil subsidy thereby freeing the downstream component of this strategic sector of the economy from the distortions of price fixing.
However, this decision was not to be a step toward conservative austerity as practiced by the former government. That government simply wanted to end the program that they may prove obedient to neoliberal economic doctrines. They offered no programs of valid compensation to the people. Instead, they instigated a policy of monumental fraud known as Sure-P. However, the only thing sure about it was that its architects would siphon the public’s funds to fatten their own wallets. They wanted to save money (for themselves) yet expend the people for no good reason at all.
The Buhari government took a vastly different approach. Given the inefficiencies inherent in the pricing regime, this administration asked the fundamental question: could this money be better spent to help the most vulnerable of our people. For it was also recognized that the pricing regime was a regressive feature. Its benefit went disproportionately to the well off who needed no such help. Better to use the sums to more directly and exclusively assist poor and working class Nigerians.
Thus, President Buhari followed through with a 500 billon fund to support a social safety program and empower the poor and needy. Five million School children will be fed for 200 days. Other plans of funding social infrastructure, education, transportation, health and other critical areas needing attention. What the President did is about the future of our country and that of the next generation.
With regard to our petroleum sector, The President’s decision constitutes a major step toward removing the nightmare of fuel importation and its attendant hardships especially to our foreign reserve condition. It was the right choice to make. The club of fuel importers had become a parasite and a drain on our economy. With this decision the exploitation by marketers, the unchecked smuggling, mismanagement, lost of productive man hours with people waiting in fuel queues, traffic congestion and health hazards associated with black market and other desperate practices will steadily pass away.
For almost 3 decades we have entertained distortions in the downstream sector by operating an opaque system susceptible to manipulation and structured in a way that allowed a few people to gain mightily from the system and feed fat on the misery and frustration of millions of Nigerians.
The oil sector became unattractive to both local and foreign investors. Government price pricing was a disincentive. Our oil refineries became epileptic and later comatose. But now investment in the sector will open to all. Instead of fighting this measure, opposing segments of organized labor should consider collective investment in refineries. Such investment will enrich membership and give them a direct interest in the success of refineries crucial to our national growth.
As it now stands, while we were paying on the front end a low price for fuel when it could be gotten, we were being asked to pay too high a price in hidden and indirect costs for such malpractice to continue. Not every cost is defined by what comes out of your pocket. There are times when the greatest cost is the failure to receive a benefit otherwise due.
It is time to come to grips with the hard facts of the price fixing. It cuts and bleeds the economy in ways more numerous and deeper than those it heals.
Moreover, there are vastly better ways to spend the same money and materially improve the wellbeing of millions of our people. This government did not withdraw the subsidy in order to save them but spend the people. It is transferring the funds to better spend them and better save the people.
Nothing in this world is perfect but this decision is a just and correct one aimed at bolstering the economy while better caring for those the system has unfairly treated. I can find little fault in the new policy taken and the reasons for it. When all is placed in the balance, the scales now better tip in favor of better economy and future because of the decision so wisely made.

98 comments:

Unknown said...

Unbelievable! See How Niger Delta Militants Bomb Agip Gas Pipeline Again - PHOTOS

Anonymous said...

See this thief who stole Lagos state dry.

Anonymous said...

See this thief who stole Lagos state dry.

Anonymous said...

See this thief who stole Lagos state dry.

Unknown said...

Hmmmmm! Linda take note!

Unknown said...

Thiefnubu please go and take several seats.. You're even lucky not to have been locked up in jail. If Buhari was honest and transparent in his government and war against corruption, men like u shouldn't be walking on the streets as free men..

Unknown said...

Sure P'' or no sure P'' as far as the economy is good we were ok with it....what hv u guys done.

KEY-POINT said...

MUMU FOOL NO GET WATIN E FIT TOK AGAIN...OOO ME BENEFIT FRM SURE P, NOW, I DE MAKE 20K EVERY DAY FRM MY ICE BLOCK BIZ SO MAKE DIS FOOLS WEY DEM NO NO WAITIN DEM WAN DO DAN TO GO DE DECEIVE NIGERIAN GO SIT DOWN

Anonymous said...

God bless u sir!

Unknown said...

I dnt have time for nonsense write-up











LIB ADDICT#just passing#

Unknown said...

Who is this one? Please can some one tell me who is this?
Had it being that ur president is ruling like Jonathan Nigeria will not be dying or complaining so better hide ur face in shame.
The same scam u and ur satanic party has put Nigeria in.
The same way u are the highest fraudstern and cocaine master in nigerian and Africa.
Nigeria a place where criminal will be proud to accuse innocent people of what they didn't do.
Nigeria will never forget jonathans best government that favoured the poor more than the rich.













#sad indeed

Unknown said...

Mtecwwwwww

KEY-POINT said...

U GO SOON DIE BET ME!!! BUT U GO CONFESS B4 U DIE

Unknown said...

Can they plz stop blaming Jona for everything? We all know Jona had his own shortcomings..from what we've seen so far Buhari led admiration is no different atall

Unknown said...

What's this man saying? I know a lot of people who benefited from this Sure-P thing, omo, their live changed forever. Who has he helped that he is talking.

Anonymous said...

is it just me or what? Linda it's like you are the only bblogger yet to post about wizkid and yemi alade nomminated for best African act in BET Awards. even if u have beef for wizkid, which is unprofessional and stupidly childish of u, what about fellow woman, yemi alade. You are really weird ooh, after now u e forming woman rights, na wa 2u o

Anonymous said...

Tinubu's existence in Nigeria, a monumental mistake to Nigerians. Nature should have dashed you to Niger Republic or Mali

Anonymous said...

i benefitted hundred percent from sure- p in fact that's the only reason most of my friends can be able to put a good meal on their family table today .... U r a liar tinubu n Your deceit with your members ( apc) is over. You cant tell us more stories cos u just for once pointed out the good in last administration. #impeachbuhari#

Prosper said...

People that live in glass house should not through stone. Look at this cartoons of corruption calling a noble man names. One day your cup will get filled. SELFISH OLD FOOL.

Anonymous said...

i benefitted hundred percent from sure- p in fact that's the only reason most of my friends can be able to put a good meal on their family table today .... U r a liar tinubu n Your deceit with your members ( apc) is over. You cant tell us more stories cos u just for once pointed out the good in last administration.

Anonymous said...

Each time I see "talks" like this, I blame Jona even more. If he had done d needful, thieves like Tinubu won't be walking/talking gibberish freely... Was Jona not given will power during creation or he decided not to use it? *thinking out loud*. GEJ, u wer too good for dis generation and country.

Unknown said...

see who is talking. Thiefnubu. somebody who enriched himself with lagos state funds through companies he formed and enforced to run the state

Joyous babe,Linda ikeji first cousin said...

Too much grammar I beg,ugly man.

Joyous babe,Linda ikeji first cousin said...

Too much grammar I beg,ugly man.

Unknown said...

Please let someone tell this old fool to go and sit somewhere

Unknown said...

Corruption every where

Unknown said...

Fraud abi when u were D governor, wa did u do mumu man
-D great anonymous now as Vivian Reginalds

Anonymous said...

Instead of providing solution to the present situation he is talking about sure P.....God help naija our politicians are heartless

Anonymous said...

This big time fraudsters should keep his nasty mouthshut please. Kettle calling pot black chio!

Anonymous said...

This big time fraudsters should keep his nasty mouthshut please. Kettle calling pot black chio!

Anonymous said...

This big time fraudsters should keep his nasty mouthshut please. Kettle calling pot black chio!

Anonymous said...

No issues with subsidy removal,no issues surep being corrupt. The issue what will Tinubu's APC do differently? I am in my mid 40s and I can tell you I have not experienced this level of pains and scarcity. Some years back, there was flood everywhere and people thought there will be hunger in the land but none of that happened owing to President Jonathan's vision with respect to Agriculture and food sufficiency driven by the then minister who is currently ADB president. Now it is difficult to feed 3 times daily. There was no flood and there was no drought. What happened? Tinubu and co are too far from the people and do not know what I am talking about. It is beyond wrestling political power from PDP.it is beyond promises. It is beyond Lai Mohammed's propaganda. If you conduct opinion pool today, all of us that voted for change would clearly tell you it was an error of judgement. Agreed that there was slump in oil price but oil was sold for $10 in the time past and Nigeria was not broke. What of the huge sums coming from custom, income tax,VAT,WHT etc? Since this year I have provided light for myself.what excuse do they have? Vandals. The same excuse PDP gave for 16 years. These guys must think creatively and solve the county's problem. The era of empty political promises is gone. The people will ask you. The Almighty God who has the power to kill and to make alive will ask you. Time is running out.

Anonymous said...

A thief calling another Thief, Thief!!! Mr. Ojuyobo, ole of Bourdillion, can you adjust well.

Funke said...

LOL at Tinubu, are you serious? You dare call someone a fraud, where did you get your wealth from? May the Almighty God deal with you and your entire extended family. people are suffering

Anonymous said...

Thief Tinubu can you shot ur mouth down. Jonathan was our best President but the problem was the pple working with him. Go and sit down with ur scam Buhari. God will judge all of you.

Unknown said...

Kettle calling pot black.

Unknown said...

We just need to learn how to think, before we write. So many thoughtless youth in the society GOD help my country

Snoop🤘🏽 said...

Hey nigger ! All you comment are shits! Way too disgusting. Oh i see. And wow. I'm sad for you cos your parents should be crying and that's egregious due to their negligence. And my advice for you 👉🏾lifes to short to be pessimistic. Maybe you should go hang yourself. To end this your miserable life that's making you spit bullshits💯🤘🏽

Unknown said...

He might b quite right and no wonder Nigeria is tagged fantastically corrupt.

Unknown said...

Hahahahahahaha! Libers don finish this old fool.

yuwa special said...

U have said it all. His president is not transparent, fighting corruption one sided. Sure p or no sure p, i did not buy 6 tomatoes seed for #500 in jonathans tenure. This idiot that owns almost all d lagos state is condemning someone.. U are a joker oga...

Anonymous said...

Dat too harsh

Pretty face said...

See who is talking????

Dan said...

Not true people benefited from sure p.i know one myself

naija dj said...

I don't think this is about beef. If Linda has decided not to publish ANYTHING about wizkid, negative or positive, then so be it. I'm sure it was a difficult decision for her to come to because wizkid is a news maker. However, sometimes one has to take the bitter with the sweet for peace of mind and to avoid small boy insults. If she had published BET news about Yemi Alade without mentioning wizkid, it would have generated unnecessary hassle, just like the Drake no1 mention did a few weeks ago. Life is too short.

bassey said...

sure p help me to get a job,

Unknown said...

Thiefnubu is a replica of fantastically corrupt leader

Unknown said...

Mad people that collected SuRE P and change it to another name, when it came to osun state they call it O YES, in lagos they call it BRT,ibadan has it own. Now that man they say na fraud.

OSINANL said...

Thiefnubu shame on you... Thank God you're not gonna leave forever.

Unknown said...

And how is aisha buhari donoting 55million to rescued chibok girl's family not fraud

Unknown said...

And he is still stealing; he tied a whole Lagos state to his family; right now you can't separate Tinubu's family from Lagos; He is running Lagos as his family buisness; milking Lagos so badly.
Its therefore disgusting/ stinking to hear him talk about corruption. This can only be possible in Nigeria.

Anonymous said...

It's so unfortunate that people like Tinubu can open his dirty and cursed mouth to blame Jonathan. Well it's not your fault, if not for some gullible Nigerians that bought your lies and voted for your dubious party, you wouldn't be saying thrash.

Anonymous said...

Igbo people on these blog lack sense, that's why u people will Neva rule Nigeria because of ur hatred and disdain for other tribes.. Half of you did not read what he said and u keep abusing. Simple economic logic you just hate whatever buhari does.. Hatred will get you nothing... Instead of yr tribe to build and present some capable of ruling Nigeria u people channel your energy on hating the current president. Sentiment would get you no where..

Unknown said...

On point. Tinubu. I hope the deregulation will benefit the average Nigerian. Sentiments and emotion aside. Let's look at the quality of his explanation. Not his person.

Unknown said...

I buy your point on deregulation but i beg to differ when you denigrate the past regime, using it as excuse to parry support from over gullible populace and justify what you never supported in the past. I hope you are not paving way for a multi consortium headed by yourself

Anonymous said...

See kettle calling pot black thief Tinubu calling someone a thief.pls take several seats. Mtchewww

Amie said...

Guess what! We trully and honestly hate you. You guys also have bad breadth. Fool

Unknown said...

Stop criticizing and denigrating others, start your own and let us see.

Unknown said...

The jagaban of curuption shush ur mawt.

Anonymous said...

Ify leave Tinubu alone after all it is Lagos and not Anambra,Enugu or Imo state pls go and put check on your own governors

javar10 said...

Work on ur stained reputation,GEJ is loved by many stop wasting ut tym to tarnish him pls.

billante said...

1 million likes for your comment...you said it all,unbiased and thoughtful

Anonymous said...

Yeah he is surely going to die, even u. And yes he'll confess before leaving, and he's doing that already. The Sure P scam is only few of his confessions...

Anonymous said...

Imagine a first class thief like Tinubu has the got to criticize our former president. It's in a country like Nigeria can this criminal can be moving around and say what he is saying. This should be in jail or better hang a stone on his neck and drop into the ocean

Dottyroll said...

This man is confused

Anonymous said...

Tinubu, can you please tell the world how you made your wealth? Righteous or unrighteous. God will judge you.

Anonymous said...

Shut up you idiot! You are fraud prrsonified

Anonymous said...

Word.

Anonymous said...

Mr Snoop for your mind your educated o? You have made zero point. In francis odegas voice* gerrarahia Mehn!

Unknown said...

I thought this Tinubu should be in jail for buying a whole state with stolen funds

Monemi said...

People dey hungry now u dey bring past tense, me I know people wey benefit for sure-p well well, ibeg face the present issues

Monemi said...

People dey hungry now u dey bring past tense, me I know people wey benefit for sure-p well well, ibeg face the present issues

Anonymous said...

You see? Igbos have come here again to show ignorance. Did any of you even read the facts? Ask yourselves,why did Christopher Kolade resign as Sure-p boss? Stop your hatred & face facts.Jonathan na nwunye ya bu ndi oshi!

Anonymous said...

This corruptcorrupt ugly man is at it again!

austin uzoma said...

Tinubu,PHB n it regime are good without corruption. GEJ n it regime are bad with corruptions.God n history will be so kind to be the rightful judge.Before this four years runs out,take my words the story will definitely change.we will be a witness in all,It may not last believe me.life goes on.

Adaobi said...

Tinubu pls goandie! please..

GALORE said...

@Baba Tinubu... See who is taking.., pekele Pekele


You have not taken your Cocaine today?



@Galore

Anonymous said...

So now what do u comment?

Anonymous said...

Stupid trash By annoy. how old are you pls?

Anonymous said...

Can you remove bishop oyedepo's pix pls, cos u sound so terrible and disgusting to associate urself with it

Anonymous said...

Why do you have to specifically call out a tribe ? This goes to show that Nigerians are very far from been United. You can make your point without calling out a tribe.

gentle said...

@Anon 4.57, I'm guessing wizkid requested she refrain from carrying his news during their police saga. Cos it doesn't make any sense why she wnt carry the news, after all it will bring more traffic to her blog. If she had carried yemi alade's news, without talking about wizkid, bizzybodies like you will still insult her. So dnt come here pretending like you give a rat's ass about her, women or this blog.

Anonymous said...

Tinubu should leave jonathan alone and focus on how his party apc would make nigeria better because the country is worse under their leadership

s c Onwadike said...

Vultures has gathered again to suck the blood of Nigerian masses again. They are coming out bcause of the N145 per litre price; it's a nice pipe for the sucking "let's prepare and defend it well with our normal blame game" they are said. Blood suckers!

Anonymous said...

No sense in this #snoop

Anonymous said...

Oga kindly shut the fuck up please. I didn't even bother reading the story. You sir no moral justification to call anything a fraud. You invented fraud. Just becos nemesis hasn't caught up with you yet doesn't mean the people have forgotten. Although dumb Nigerians probably have forgotten.

Anonymous said...

y ify go leave tinubu alone, see people when get nothing to offer but to shit blame as long as APF whole duty and dividends is to blame jona they will remain defected even in defect

Unknown said...

How can he say that sure-p was a "monumental fraud" when i can testify how it changed my cousin's life, who is now an entrepreneur, earning at least 10k from his business daily, courtesy of Sure-P. See krol pot calling kettle black. Tinubu that is still robbing Lagos till 2mao. Father of lagos agberos, i hail oooh

Anonymous said...

Lol snoop ur just a compound fool. What da fuck are u chatting? Is the bastard criminal thiefnubu ur father? Shut up! Ur not making sense

Anonymous said...

If u like call igbo people out a hundred times u fool. We and our cousins will forever be better than u fools. Watch us gradually divide from people of ur tribe holding us back. No igbo man wants to be president of the nonsense called a country so pass

Anonymous said...

Ur a compound fool. Smh I pity u. They there dey call igbos. They are leaving u soon, go to the eastern region and see their empire. Igbos developed Nigeria. Idiot!!

Anonymous said...

See this mumu dey ask person how old are you? Are you his/her father? My friend park or just go hug transformer, efulefu like u. No go findd work, anuohia. Dey dere dey look for your mate

Godwin said...

Thiefnubu are you not the one that established fantastically corrupt government. Ole tell us about chibok scam. Idiot what do you have to say about Muhammad buari trips. See this animated baboo embalm old wrinkle monkey. You ask your apshit saints to probe opposition party, can you help me with a diagram explain to Nigerians they kind of change you idiots promised them. Don't worry by the time militants will finish with this administration all of us including you go hear am. Devastated ghoul from yellowba abi na Yoruba. Make you no allow me to insult you ooo I no dey like to insult my elders.





*NWA 042*

Anonymous said...

SEE POT ACCUSING KETTLE OF BEING TOO BLACK. THIS GUY ONLY DID NOTHING OTHER THAN BEING A GOVERNOR FOR 8YRS AND AFTERWARD OWNS A PRIVATE JET, FIRST NATION AIRLINE, THE NATION NEWSPAPER, TVC TELEVISION ON DSTV 418, MANY BUILDINGS AND LANDS, GAVE HIS FAMILY THE FRANCHISE OF ALL MARKETS IN LAGOS AND MANY MORE.

Unknown said...

Bastard!!See father of corruption talking! Shame on you!

Anonymous said...

Only wish Tinubu will read the comments here and know how people feel about him

Anonymous said...

To anonymous May 21, 2016 at 1:28PM

You meant "Only wish Tinubu will read comments here and know how Igbos feel about him"

Well, he is already aware of that. Most Yorubas are aware of that.

Most of those writing rubbish here are Igbos who left their badly run Igbos states to live, get educated, get jobs or run busiinesses in Well managed Yoruba states.

Now, if you all have these hatred, why not just leave all Yoruba states and go back home?

Anonymous said...

The mad anonymous at1.28pm is very stupid.
'That Ibos should go back to their states and leave the well managed Yoruba states'. It's not your fault. Was Lagos not the capital of Nigeria at one point,was it not developed fully with Nigerian money. The same money that was gotten from oil, mined from the same ibo states. To the detriment of the Ibos living there. Did the yoruba and Hausa leaders we had for donkey years not build institutions in Lagos using the ibo oil money. Now that everything has been set up and a new capital built in Abuja with the same ibo oil, useless people like u are talking trash that Ibos should leave and miraculously wave their magic wand to fix their states that was destroyed and neglected to feed yours. Ingrates.

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