President Tinubu Defends Petrol Price Hike, Calls It a “Bold and Unprecedented Decision”
President Bola Tinubu has defended the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, calling it a necessary measure for Nigeria’s economic growth.
Following a meeting with Nigerians in Beijing, China, after the conclusion of his official engagements in the country, President Tinubu addressed concerns over the price hike, which has seen petrol prices surge to between N855 and N897 per litre, depending on the location, as set by the Nigerian National Petroleum Company Limited (NNPCL). Independent marketers have adjusted their prices even higher, ranging from N930 to N1,200 per litre.
The price increase comes in the wake of President Tinubu’s decision in May 2023 to remove the fuel subsidy, a move that has since led to a tripling of petrol prices and added to the economic challenges faced by many Nigerians who rely on petrol to power their vehicles and generators.
Speaking on Friday, President Tinubu described the increase as part of a broader set of reforms aimed at positioning Nigeria for sustainable development. A statement from Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, quoted him saying that the decision was integral to the administration’s strategy for economic growth.
“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices,” President Tinubu remarked.
He went on to emphasize the need for difficult decisions to lay the groundwork for future progress: “Can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children? What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?”
Tinubu also highlighted the talent and potential of Nigerians, particularly those abroad who excel in diverse fields, and urged them to influence positive change back home. “So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people,” he said.
He concluded by asserting that the pursuit of free services without sacrifices would only delay meaningful development: “The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.”
The petrol price hike has sparked widespread public debate, with many Nigerians expressing frustration over the rising cost of living. However, the government insists that the move is essential to steer the country toward economic recovery and growth.
