PDP Slams FG Over Thoughtless” Fuel Price Increase, Calls It A Trigger For Crisis

In response to this hike, PDP’s National Publicity Secretary, Debo Ologunagba, issued a statement accusing President Bola Ahmed Tinubu’s administration of pushing over 150 million Nigerians further into poverty. He highlighted the economic challenges faced by Nigerians, including the Naira’s devaluation to over N1,600 to a Dollar, a 34% inflation rate, and an unemployment rate exceeding 40%. Ologunagba warned that these issues are likely to worsen with the recent fuel price increase.

Read the full statement below:

“The Peoples Democratic Party (PDP) condemns the harsh increase in fuel prices, now exceeding N1,000 per litre in some areas. We view this as a brutal attack on Nigerians by the insensitive and arrogant All Progressives Congress (APC) administration.

This ill-timed fuel price hike is a major catalyst for crisis, compounding the already severe economic hardship under President Bola Ahmed Tinubu’s APC government. The administration’s secretive and corrupt management of the petroleum sector, coupled with repeated fuel price increases, appears to be a deliberate effort to push Nigerians to their limits.

The APC government has consistently shown itself to be out of touch with the struggles of ordinary Nigerians who are struggling to afford basic necessities due to the high cost of living driven by the administration’s reckless policies. Under the current APC regime, over 150 million Nigerians have fallen below the poverty line, businesses are failing, and the Naira’s value has plummeted, with inflation and unemployment rates expected to rise further due to the latest price hike.

There is little hope under the current APC policies, as multinational companies continue to leave Nigeria due to poorly conceived economic strategies. The APC-led Federal Government’s admission that it has relinquished control to oil racketeers under the guise of a free market economy further underscores the PDP’s belief that the Tinubu administration has failed in its primary duty to ensure the welfare and security of its citizens.

As the Minister of Petroleum Resources, President Tinubu cannot distance himself from the dubious management of the petroleum sector, which is pushing the nation’s economy to the brink. It is also perplexing that the APC government continues to raise fuel prices despite publicly disclosed subsidies amounting to N5.4 trillion for 2024.

The APC government has become an enabler of corrupt rent-seekers, who seem to delight in causing suffering while benefiting from frequent fuel price increases to fund their lavish lifestyles.

In light of these dire circumstances, the PDP questions what President Tinubu says to foreign leaders in countries where the focus is on the well-being of citizens.

The PDP reiterates that with effective and transparent management, the price of petrol in Nigeria should not exceed N250 per litre. We urge President Tinubu to immediately reverse this provocative fuel price increase and reassess all detrimental policies of the APC government.”