Beijing, CHINA – Nigeria’s President Bola Tinubu’s says the recent hike in petrol prices reflect his administration’s approach to economic reform. By framing the price increase as a “bold and unprecedented decision,” Tinubu is emphasizing the necessity of these measures to drive Nigeria’s long-term growth.
The recent unannounced hike, which has seen the price of Premium Motor Spirit (PMS), commonly known as petrol, rise from N568-N617 per litre to between N855 and N897, has been met with significant public discontent.
Since President Tinubu’s administration removed the petrol subsidy in May 2023, the cost of petrol has surged dramatically, now reaching as high as N1,200 per litre at some independent outlets. This steep rise has exacerbated the economic strain on Nigerians, many of whom rely on petrol for transportation and power generation.
The subsidy removal, intended to address the country’s long-standing economic inefficiencies, has led to a tripling of petrol prices, impacting transportation and energy costs for millions.
Addressing a gathering of Nigerians in China, Tinubu argued that the price increases and other reforms are necessary to put Nigeria on a path to sustainable economic development. He contended that such bold measures are essential for addressing the country’s infrastructure and public service deficiencies.
“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?” Tinubu said, referring to the advancements seen in developed countries.
“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? 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.
“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,” the President said.
The President’s defense of the petrol price hike underscores his administration’s commitment to long-term economic reforms, despite the immediate hardships faced by Nigerians. Tinubu emphasized that while the adjustments are painful, they are necessary for laying the groundwork for future growth and development.
The price hike has intensified the cost of living crisis in Nigeria, with many citizens struggling to cope with the increased expenses for transportation and energy. Tinubu’s administration views these reforms as a painful but necessary step to reduce reliance on subsidies and improve the country’s economic resilience.
Tinubu’s remarks reflect a broader strategy to overhaul Nigeria’s economic framework, aiming to shift from short-term fixes to sustainable solutions that address systemic issues
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