Naija News • 1d ago
Rising Petrol Prices Global, Not Peculiar To Nigeria, Tinubu’s Aide Knocks Obi Over Critique
**Rising Petrol Prices: Not Just a Nigerian Problem, Says Tinubu's Aide**
As Nigerians continue to grapple with the increasing cost of petrol, a heated debate has erupted between supporters of President Bola Tinubu and those of the Labour Party's Peter Obi. At the center of the controversy is a statement made by Obi, in which he blamed Nigeria's vulnerability to global oil price shocks on the absence of a strategic petroleum reserve and lack of government planning.
However, Dada Olusegun, Special Assistant to President Tinubu on Social Media, has fired back at Obi, accusing him of speaking out of turn on critical issues. According to Olusegun, Obi's comments on rising fuel prices are not only wrong but also embarrassing.
Olusegun explained that the recent surge in petrol prices in Nigeria is primarily due to the country's deregulated fuel market, which was introduced after the removal of fuel subsidies by the Tinubu administration. In a deregulated system, petrol prices are directly influenced by global oil prices, exchange rates, shipping costs, and supply risks.
To illustrate his point, Olusegun cited the recent geopolitical tensions involving Iran, which have pushed global oil prices upward. As a result, countries like Nigeria, which rely heavily on imported refined products, are inevitably affected at the pump.
Olusegun also challenged Obi's assertion that strategic petroleum reserves are tools used to control everyday pump prices. He noted that even countries with large reserves, such as the United States and China, maintain them primarily for serious supply emergencies, wars, or major disruptions to global supply chains.
In Nigeria's case, Olusegun argued that the country's real challenge lies in its limited refining capacity and heavy dependence on imported refined products, despite being one of the world's major crude oil producers. This, he said, is a deeper and more structural issue that requires more than just criticizing the government.
The exchange highlights the ongoing debate about the root causes of Nigeria's economic challenges and the best way to address them. While Obi's supporters argue that the government should take more steps to shield Nigerians from the impact of global economic shocks, Tinubu's supporters argue that a more market-oriented approach is necessary to drive economic growth and development.