Tinubu speaks to Nigerians in China about fuel price hike
President Bola Tinubu has addressed the recent increase in the price of petrol in Nigeria during a meeting with Nigerians living in China.
He characterized the fuel price hike as part of a broader strategy aimed at fostering economic growth in Nigeria.
The Nigerian National Petroleum Company Limited (NNPCL) recently raised petrol prices significantly, with pump prices now ranging from N855 to N897 per litre, compared to previous prices of N568 to N617.
In his remarks, Tinubu emphasized that Nigeria is undergoing substantial reforms and that his administration is making “bold and unprecedented decisions.”
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He defended the decision to increase fuel prices by stating that such hard choices are essential for paving the way toward meaningful development. He noted that without taking these difficult steps, it would be challenging to achieve improvements in infrastructure such as roads, electricity supply, and water availability.
Tinubu acknowledged the public outcry regarding the fuel price increase but reiterated that these measures are necessary for long-term economic prosperity. He pointed out that while it may not always be easy to reach a national consensus on such issues, he is committed to leading the nation through these reforms. The president also highlighted the importance of contributions from Nigerians abroad in shaping attitudes and policies back home.
The context of this price hike follows the removal of fuel subsidies earlier in May 2023, which had previously kept petrol prices artificially low. This removal has led to a tripling of petrol prices and has compounded existing economic challenges for many Nigerians who rely on petrol for transportation and power generation.
