President Bola Tinubu has broken his silence regarding the recent increase in the price of Premium Motor Spirit (PMS), widely known as petrol, which has been a subject of public outcry.
According to Channels Television, speaking to Nigerians residing in China on Friday, President Tinubu clarified that the hike in petrol prices, along with other reform measures undertaken by his administration, are essential components of a broader strategy aimed at placing Nigeria on a trajectory of sustained economic growth…….CONTINUE READING
He remarked that the greater the demand for free or heavily subsidised services, the higher the eventual costs will be, emphasising that such an approach could also delay the country’s progress toward meaningful development.
Earlier in the week, on Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) announced a significant increase in the pump price of petrol to N855 per litre across its retail outlets, leading to widespread discontent.
The sudden spike in fuel prices has resulted in long queues at filling stations and sparked widespread criticism from both individuals and various interest groups, many of whom have urged the federal government to reverse the decision.
This development comes at a time when Nigerians are grappling with a scarcity of petrol, worsening inflation, and deteriorating living standards, which have collectively placed an additional burden on citizens already dealing with economic challenges.
The price hike has only exacerbated the situation, fueling concerns about the government’s policies and their impact on the welfare of ordinary Nigerians.
However, in his remarks during the meeting in Beijing, Tinubu defended his administration’s economic decisions, insisting that difficult choices must be made to achieve future prosperity.
He expressed that while such measures may seem harsh and unpopular in the short term, they are necessary to establish a more stable and prosperous Nigeria in the long run.
Bola 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.
“What is the critical part to getting us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?
“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.”
