Market News

The President of Nigeria, Bola Tinubu, on Friday, said the rise in Premium Motor Spirit (PMS) price is a very crucial decision to foster Nigeria’s growth.

The president who made this known at a meeting with Nigerians in Beijing, China, after rounding off his official engagements in the country, stated this through a statement by his spokesperson, Ajuri Ngelale.

While stating the hike in the petrol price hike and other adjustments by the current administration are part of the agenda to place Nigeria on economic growth, he noted that the decisions taken are “very bold and unprecedented.”

“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.

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?

“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?

“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people.”

“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,’’ he said.

The president described it as difficult to have agreement on national matters; he is ready to embark on the hard decisions to move the nation forward.

He added, “One economic action leads to another, and it is in your hand 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.”

Recall that the Nigerian National Petroleum Company Limited had earlier this month hiked the pump price of PMS to over N855 across its retail outlets amid long queues at filling stations but sells above N1,000 per litre in petrol stations.

However, Heineken Lokpobiri, Minister of State (Oil) Petroleum Resources, on Thursday, said the Federal Government was not responsible for the recent increase in the price of petrol across the country.

Meanwhile, Matthew Kukah, Catholic Bishop of Sokoto diocese, has asked the ruling All Progressives Congress and federal government to reverse the hike in the PMS price.

The clergy spoke on Friday at the unveiling of the progressive institute (TPI), the tink tank of the APC.

He said, “A girl was asked, which party are you? APC, LP or PDP? She said: ‘I am hungry’. So, we Nigerians are hungry. You have to find a way of reducing this price of fuel.”

He added that unless democracy is anchored on a sound foundation, “we will be building on sand. I am concerned about the quality of democracy in Nigeria. We need to fix the problem with democracy in Nigeria.”