President Bola Tinubu has addressed the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, stating that the hike and other reforms are part of a broader strategy to set Nigeria on a path of economic growth.
Speaking to Nigerians in China on Friday, Tinubu explained that the country is undergoing significant reforms, and his administration is making bold decisions. Presidential spokesman Ajuri Ngelale quoted Tinubu as saying,
“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,” presidential spokesman, Ajuri Ngelale, quoted Tinubu as saying.
“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?
“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development.”
This comes after the Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of petrol to N855 per liter across its retail outlets, leading to long queues at filling stations and public outcry. Many Nigerians and groups have condemned the price hike, calling on the government to reverse the decision, which coincides with petrol scarcity and worsening inflation.
During his address in Beijing, Tinubu defended the reforms, stressing that difficult decisions are essential for economic prosperity. He questioned how Nigeria could develop robust infrastructure like good roads, constant electricity, and quality schools without making such choices.
He also noted that despite challenges in achieving national consensus, he is prepared to make the hard decisions needed to advance the nation, and he expressed his commitment to replicating China’s infrastructure in Nigeria.
“One economic action leads to another, and it is in your hands to build our nation. Mine is to provide the leadership, and I am committed to doing just that. We are focused, and I have a very good team,” Tinubu concluded.