President Tinubu Defends Petrol Price Hike as Necessary for Nigeria’s Growth
Beijing, China — President Bola Tinubu has defended the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, as a crucial step towards Nigeria’s economic development. The price hike, implemented by the Nigerian National Petroleum Company Limited (NNPCL), has seen petrol prices rise from N568-N617 per litre to between N855 and N897, depending on the location. Independent marketers have set prices between N930 and N1,200 per litre.
Since President Tinubu’s administration removed the fuel subsidy in May 2023, petrol prices have tripled, intensifying the financial strain on Nigerians who rely on petrol for vehicles and generators.
Speaking at a meeting with Nigerians in Beijing, China, following his official engagements, President Tinubu described the price increase as a “bold and unprecedented decision” integral to Nigeria’s economic reform strategy.
According to a statement by Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, Tinubu emphasized that the petrol price hike and other reforms are part of a broader strategy to guide Nigeria towards sustainable economic growth.
“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions,” President Tinubu said. “For example, you might have been hearing from home in the last few days about fuel prices.”
He further questioned, “But, 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?”
The President stressed that hard decisions are necessary to pave the way for a prosperous future for Nigeria. “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?” he asked.
Tinubu urged Nigerians to contribute positively and understand that seeking everything for free could delay meaningful development. He highlighted the talent and potential of Nigerians and the need for collective effort to overcome challenges.
“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,” Tinubu concluded.