President Bola Tinubu has addressed the recent rise in the price of Premium Motor Spirit (PMS), commonly known as petrol, breaking his silence on the matter.
Speaking to Nigerians living in China on Friday, Tinubu explained that the petrol price hike and other reforms implemented by his administration are part of a broader strategy to stimulate Nigeria’s economic growth.
“Nigeria is undergoing significant reforms, and we are making bold, unprecedented decisions. For instance, you may have heard recent news from home about the fuel prices,” said Tinubu, as quoted by his spokesperson, Ajuri Ngelale.
He emphasized the necessity of tough choices, stating, “How can we achieve meaningful progress if we shy away from making difficult decisions in a country so rich in resources and talent? The more we expect things to be free, the more delayed and costly real development becomes.”
On Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of petrol to N855 at its retail outlets, triggering long queues and widespread criticism. Many Nigerians and various groups have urged the government to reverse the decision amid fuel scarcity and soaring inflation, which has exacerbated the hardship faced by citizens.
At the meeting in Beijing, Tinubu defended the price hike, arguing that difficult decisions are essential for economic prosperity. “Can we avoid it? Can we develop infrastructure like the good roads, reliable electricity, and water supply you see here in China? Do we want to pass on a flawed legacy to our children?”
He highlighted the talent of Nigerians abroad, noting, “Many of you speak fluent Mandarin. What you contribute and share with those back home will shape the mindset of our people.”
Acknowledging the challenge of achieving national consensus, Tinubu reaffirmed his readiness to make the hard choices needed to advance the nation.
He also expressed his commitment to replicating China’s infrastructure successes in Nigeria. “Every economic decision sparks another. My role is to provide leadership, and I’m fully committed to that. We are focused, and I have a strong team in place,” Tinubu added.