Group advises FG on solution as petrol price rises again

1 month ago 3

The Transparency Accountability for Development Initiatives (TADI) has adviced President Bola Ahmed Tinubu on solutions to fuel price hike
It called on President Bola Ahmed Tinubu to sack the managers of Nigeria’s oil sector over the fuel crisis rocking the country
It stated this in reaction to the latest increment in fuel price by the National Petroleum Company Limited (NNPCL), to N1,030 from N895

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

President Bola Ahmed Tinubu has been urged by the Transparency Accountability for Development Initiatives (TADI) to fire the administrators of Nigeria's oil industry due to the petrol crisis that is roiling the nation.

Group gives simple solutions to fuel price hike

TADI's Programs Research and Public Relations Officer, Adeniran Taiwo, responded in Abuja over the weekend to the National Petroleum Company Limited's (NNPCL) recent increase in fuel prices, which went from N895 to N1,030.

Taiwo also urged President Bola Ahmed Tinubu to step in and alleviate Nigerians' suffering.

He acknowledged that institutional corruption had left Nigeria struggling with a persistent fuel crises and a crippling debt load, but he also stated that heads must roll to clean up the system.

He claimed that in order to bring in new talent that may save the economy, the president needed to free everyone in charge of the oil industry of their responsibilities.

TADI's president claimed in a Daily Trust report that this is a wake-up call for all Nigerians who face unimaginable levels of daily adversity.

“From the skyrocketing cost of fuel to the unrelenting inflation that has made even the basics of life unaffordable. Citizens are suffering, households and businesses alike are stretched to their limits, and the most vulnerable are bearing the brunt of this mismanagement in NNPCL.“The fuel crisis has drained the nation’s resources and eroded public confidence in the ability of the government to alleviate the hardship.“The government has failed in his responsibility to provide transparent and effective leadership, and the consequences of this incompetence are being felt by every Nigerian struggling to cope with rising living costs and fuel shortages.

Dangote refinery not helping matters

Taiwo noted that even the Dangote Refinery, which the public had hoped would alleviate the petroleum supply situation, has failed.

Instead of respite, Nigerians are still witnessing growing expenses and minimal advancements in addressing the systemic problems that plague our energy industry.

“Despite billions of dollars allocated to the rehabilitation of Nigeria’s refineries, there are zero operational refineries today. The economic repercussions of this mismanagement are devastating.

“As of September 2024, Nigeria’s inflation rate has surged to 24.5 per cent an overwhelming strain on the daily lives of Nigerians. In the same period, fuel prices have increased by over 150 per cent, placing an even heavier burden on citizens who are already struggling with high costs of living.”

FG makes move to relieve Nigerians

Legit.ng reported that the Presidential Initiative on Compressed Natural Gas (CNG) has begun distributing 1,000 vehicle conversion kits in various states to help alleviate the effects of the fuel subsidy removal.

During a press briefing in Abuja to announce the start of the distribution, Programme Director Michael Oluwagbemi highlighted that the initiative is expected to reduce transportation costs.

It would be recalled that President Bola Tinubu had launched the Compressed Natural Gas (CNG) initiative to fuel vehicles at the rate of N230 per litre in an effort to provide Nigerians with a more affordable and sustainable alternative to petrol and diesel.

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Source: Legit.ng

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