Tinubu speaks on petrol price hike

President Bola Tinubu has described the recent hike in petrol prices as a “bold and unprecedented decision” essential for Nigeria’s development.

Speaking on Friday during a meeting with Nigerians in Beijing, China, after concluding his official visit, Tinubu emphasized that the increase in fuel prices, along with other reforms introduced by his administration, are strategic measures aimed at positioning Nigeria on the path to economic growth.

“Nigeria is undergoing significant reforms, and we are making very bold and unprecedented decisions,” the president said, according to a statement by Ajuri Ngelale, his spokesperson. “For instance, you may have heard about the recent adjustments in fuel prices back home.”

He continued, “But what choice do we have? How can we expect to develop infrastructure like the quality roads, reliable electricity, and constant water supply that you see here? Can we hope to provide our children with a better future without making tough decisions now?

“You, the talented individuals in this room, are fluent in Mandarin and capable of making significant contributions. What you communicate back home will shape the attitude of our people. If we demand everything for free, we will only delay meaningful development and increase costs.”

On September 3, the Nigerian National Petroleum Company (NNPC) Limited raised the pump price of petrol to N855 across its retail outlets, causing long queues at filling stations. The increase followed a prolonged fuel scarcity that has disrupted business activities nationwide.

Media reports suggested that the federal government had directed the NNPC to sell petrol at N1,000 per liter, but Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), denied issuing such an order.

Tinubu acknowledged the difficulty of achieving national consensus on critical issues but affirmed his commitment to making tough decisions for the country’s progress.

“Every economic action has a ripple effect, and it’s up to you to help build our nation. My role is to provide leadership, and I am fully committed to that. We are focused, and I have a strong team in place,” he said.

The president also expressed his determination to replicate China’s infrastructure success in Nigeria.