Peter Obi, former presidential candidate of the Labour Party (LP), has criticized the recent fuel price increase by the Nigerian National Petroleum Company Limited (NNPCL). In a statement on his X (formerly Twitter) handle, Obi called on the Federal Government, particularly President Bola Tinubu, who also serves as the Minister of Petroleum, to reverse the hike, calling it “unfortunate and insensitive.”
Recall that the Nigerian National Petroleum Company Limited (NNPCL) announced a 14.8% hike in the price of petrol raising it to ₦1,030 per litre from ₦897.
This marks the second petrol price increase within the past month, following a previous rise in September when the price surged from ₦615 to ₦897 per litre.
Obi condemned the lack of explanation for the hike and the overall economic impact on Nigerians, who are already grappling with harsh economic conditions. He questioned the regulatory structure overseeing the NNPCL and its relation to government bodies, urging transparency and accountability.
He called on President Bola Tinubu, who doubles as the Minister of Petroleum, to provide full explanation, offer alternative options, and most importantly, reverse the sudden price hike.
Peter Obi wrote: “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.
“This is both unfortunate and insensitive, considering the wide-ranging negative consequences for our economic survival and well-being.
“This is neither how an economy’s resources should be managed nor how a nation should be governed. In this new measure, there is neither sound economics nor necessary compassion.
“We are told that the NNPCL is now a limited liability company, regulated by agencies such as the NUPRC and NMDPRA, yet there seems to be growing confusion about the roles and responsibilities of the NNPCL and these regulating bodies.
“Interestingly, both the NNPCL and the regulatory agencies are supposed to be under the supervision of the Federal Ministry of Petroleum Resources, with the President of the Federal Republic of Nigeria serving as the substantive Minister. Who, in this arrangement, is regulating who?
“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.
“We hope and pray that he acts in the best interest of the majority of Nigerians, who are living under unnecessarily precarious conditions, and that he does so before his return from his working vacation.
“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.
The key points from his statement include:
- Condemnation of the Price Hike: Obi strongly denounced the increase in petrol prices, calling for an immediate reversal of the hike, which raised the price from ₦897 to ₦1,030 per litre.
- Call for Accountability: He urged President Bola Tinubu, who also serves as the Minister of Petroleum, to provide a thorough explanation for the price increase and to consider alternative solutions to alleviate the burden on Nigerians.
- Critique of Governance: Obi criticized the Federal Government’s policy choices, attributing the ongoing economic struggles to poor decision-making and lack of compassion for citizens’ welfare.
- Regulatory Confusion: He pointed out the confusion surrounding the roles of the Nigerian National Petroleum Company Limited (NNPCL) and regulatory agencies, questioning the effectiveness of the oversight mechanisms in place.
- Appeal for Compassionate Leadership: Obi concluded with a call for more compassionate governance, expressing hope for a better future for Nigeria and its people.
This situation highlights the ongoing economic challenges in Nigeria and the need for government accountability and effective policy-making to address the needs of its citizens.
“A New and more compassionate Nigeria is indeed Possible!”
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