Fuel price hike: Tough decision must be taken to set Nigeria on path of economic growth – Tinubu

Nigerian President Asiwaju Bola Ahmed Tinubu, while reacting to the recent hike in the price of Premium Motor Spirit (PMS), popularly known as petrol, on Friday at a meeting with Nigerians in Beijing, China, after rounding off his official engagements in the country, Tinubu, opined that the increase in petrol price is a “bold and unprecedented decision” necessary for Nigeria’s growth.

The Informant247 had gathered how the latest petrol price hike had pushed up transport fares by over 50 per cent in major cities across Nigeria.

The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617.

Independent marketers have adjusted their prices to between N930 and N1,200 per litre of petrol.

The price hike has had a widespread impact, with some Nigerians resorting to long-distance trekking and others missing work due to the higher transportation costs.

Since the removal of subsidy by Tinubu in May 2023, petrol prices have tripled, compounding the woes of Nigerians who power their vehicles and generating sets with petrol.

However, Tinubu in a statement by Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, said the petrol price hike and other reforms by his administration are part of an overall strategy to set Nigeria on the path of economic growth.

President Tinubu said: “Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices.

“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?

“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.’’