Peter Obi, the 2023 presidential candidate for the Labour Party, has publicly urged President Bola Tinubu to reverse the recent fuel price hike imposed by the Nigerian National Petroleum Company Limited (NNPCL). In a statement released on social media platform X, Obi labeled the sudden increase in fuel prices as insensitive and unfortunate, emphasizing that it could have dire consequences for Nigeria’s already struggling economy.
In his statement, Obi expressed deep concern for Nigerians who are grappling with severe economic challenges. He attributed these difficulties to poor policy decisions made by the Federal Government, which have left many citizens in precarious situations. Obi pointed out that the latest fuel price hike, which occurred without any explanation from the NNPCL, would only exacerbate the hardships faced by everyday Nigerians.
“As Nigerians continue to groan under extremely difficult economic conditions, largely caused by the Federal Government’s wrong policy choices, the NNPCL has once again raised the price of fuel (PMS) without providing any explanation,” Obi wrote. His remarks reflect widespread frustration over the lack of transparency and accountability in government actions.
Obi criticized the current management of the economy, stating that the situation does not reflect sound economic principles or compassionate governance. He noted that the NNPCL is now structured as a limited liability company and is regulated by various agencies, including the Nigerian Upstream Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). However, he highlighted the growing confusion about the roles of these regulatory bodies and the NNPCL itself.
“Who, in this arrangement, is regulating who?” Obi questioned, underscoring the need for clearer oversight and accountability within the oil sector. He expressed concern that the lack of clarity about roles and responsibilities could lead to further mismanagement and exploitation of Nigeria’s resources.
Obi reminded everyone that both the NNPCL and the regulatory agencies fall under the Federal Ministry of Petroleum Resources, with President Tinubu serving as the substantive Minister. He argued that, given this structure, the responsibility for providing a full explanation for the fuel price hike lies squarely with the President.
He urged Tinubu to take action that aligns with the interests of the Nigerian people, particularly those who are struggling to make ends meet. “With the unprecedented but avoidable hardship that Nigerians are enduring, the responsibility for providing a full explanation, offering alternative options, and most importantly, reversing the sudden price hike falls squarely on the Honorable Minister of Petroleum Resources/President of the Federal Republic of Nigeria,” Obi stated.
Obi’s comments come at a time when many Nigerians are feeling the effects of rising living costs. The price of fuel affects not only transportation costs but also the prices of goods and services across the board. As such, any increase in fuel prices can have a cascading effect on the economy, further burdening citizens who are already facing economic strain.
In his closing remarks, Obi appealed to President Tinubu to prioritize the welfare of Nigerians, especially during challenging times. He expressed hope that the President would act in the best interests of the population before returning from his vacation, emphasizing that casual decisions about fuel prices could have serious repercussions for everyday citizens.
“To casually inflict such a draconian measure on the populace from the comfort of an annual vacation amounts to taking the people’s welfare lightly and for granted,” Obi stated. He concluded with a vision of a better future for Nigeria, expressing hope for a “New and more compassionate Nigeria” where government decisions reflect the needs and struggles of its citizens.
Peter Obi’s call for the reversal of the fuel price hike highlights the urgent need for transparent governance and responsible economic management in Nigeria. As citizens continue to face economic challenges, the actions of leaders like President Tinubu will significantly impact the lives of many. The plea for compassion and accountability serves as a reminder that government decisions should prioritize the welfare of the people above all else.
