Kehinde Fajobi
Peter Obi, the 2023 Labour Party presidential candidate, has called on President Bola Tinubu to reverse the recent hike in fuel prices, describing the increase as both “insensitive” and detrimental to the country’s economic stability.
Obi expressed his concerns in a post on X (formerly Twitter) on Saturday, following the Nigerian National Petroleum Company Limited’s (NNPCL) decision to raise the pump price of petrol. He criticised the move, arguing that it will further deepen the economic struggles faced by ordinary 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.
He further condemned the decision, saying, “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.”
Obi questioned the role of the NNPCL and the regulatory bodies overseeing its operations. He highlighted the confusion between the NNPCL’s responsibilities and the oversight functions of regulatory agencies like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
“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,” Obi remarked.
“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?”
Obi stressed that the President, as the Minister of Petroleum Resources, has the responsibility to provide a clear explanation, offer alternative solutions, and most importantly, reverse the price hike.
“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,” he stated.
He concluded by urging Tinubu to act swiftly in the best interest of the majority of Nigerians.
“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. A New and more compassionate Nigeria is indeed possible!”