₦airaland Forum

Presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has said the call by the Independent Petroleum Marketers Association of Nigeria, IPMAN, for Federal Government intervention to curtail fuel price hikes has put the President Bola Tinubu administration’s argument over petrol subsidy removal to shame.

Atiku spoke in a statement by his media team on Thursday.

DAILY POST exclusively reported that IPMAN President, Abubakar Maigandi, had appealed to Tinubu to broker a deal with Dangote Refinery to cut fuel prices.

IPMAN’s comments came amid the latest fuel pump price hike to between N1,310 and N1,350 per litre.

Reacting, Atiku backed IPMAN’s call for government intervention with domestic refiners to reduce petrol prices.

According to Atiku, IPMAN’s call for intervention is fundamentally significant because it came from people who buy, distribute and sell petroleum products every day and therefore understand, beyond government propaganda, what expensive petrol is doing to businesses and Nigerian families.

IPMAN has come late to this conversation, but it has come to the right conclusion. The association is now saying that government cannot simply stand aside while petrol prices punish Nigerians and that deliberate subsidy around domestic refining can help bring prices down. That is precisely the policy principle President Tinubu and his gang of jesters have spent weeks trying to ridicule.

Tinubu’s argument has always depended on deliberately confusing the import-subsidy bazaar and a transparent, production-linked intervention that strengthens Nigerian refining and delivers measurable relief to Nigerian consumers,” he stated.

DAILY POST reports that Atiku Abubakar had proposed the return of fuel subsidies if elected.

However, Tinubu’s government has insisted that the removal of fuel subsidies was necessary to stabilise Nigeria’s economy.

saintopus:
Of a truth, we're are not supposed to buy fuel at the present price.
Nearly all the oil producing countries, Nigeria’s petrol is the most expensive.

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

erad:
Atiku is now sounding very foolish and annoying.
Every sane Nigerian knows IPMAN's appeal is not for the sake of Nigerians, it's to protect their own profit margin.

anonimi:
NNPCL’s subsidy payment jump by 47.9% to N7.1trn in 2024

November 26, 2025

The Nigerian National Petroleum Company Limited (NNPCL) paid a total of N7.1 trillion as subsidy for premium motor spirit (PMS) in 2024, this sum represents a 47.9 percent increase from N4.8 trillion recorded in 2023.

This is despite the government’s announcement of subsidy removal in 2023.

The company explained that the amount, which it termed ‘energy security expense’ arises when there is differential between the exchange rate used to freeze the premium motor spirit ex-coastal price and the prevailing rate at the point of import settlement.

According to the report, government had instructed that NNPC Limited cannot sell its PMS above a certain regulated price. It added that the cost of petrol import is usually much higher that the regulated price.

https://businessday.ng/news/article/nnpcls-subsidy-payment-jump-by-47-9-to-n7-1trn-in-2024/?amp

Sirleo05:
Nigeria is a fuel economy, that's, it largely depends on fuel, diesel for her daily survival, and any increase will mean doom for the people and business at large. so, there's need for government to reduce price which in turn will reduce pressure on the people and business.

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.


https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-price-goes-viral-amid-hike/



https://www.youtube.com/watch?v=4JH8CC_JdUA

saintopus:
Of a truth, we are not supposed to buy fuel at the present price.
Nearly all the oil producing countries in Africa. Nigeria’s petrol is the most expensive.

erad:
Atiku is now sounding very foolish and annoying.

Every sane Nigerian knows IPMAN's appeal is not for the sake of Nigerians, it's to protect their own profit margin.

Sirleo05:
Nigeria is a fuel economy, that's, it largely depends on fuel, diesel for her daily survival, and any increase will mean doom for the people and business at large. so, there's need for government to reduce price which in turn will reduce pressure on the people and business.

Kalashnikov49:
Atiku press his neck
Obi press his neck

Tinubu is useless

saintopus:
Of a truth, we're are not supposed to buy fuel at the present price.
Nearly all the oil producing countries, Nigeria’s petrol is the most expensive.

erad:
Atiku is now sounding very foolish and annoying.

Every sane Nigerian knows IPMAN's appeal is not for the sake of Nigerians, it's to protect their own profit margin.

Sirleo05:
Nigeria is a fuel economy, that's, it largely depends on fuel, diesel for her daily survival, and any increase will mean doom for the people and business at large. so, there's need for government to reduce price which in turn will reduce pressure on the people and business.

saintopus:
Of a truth, we're are not supposed to buy fuel at the present price.
Nearly all the oil producing countries, Nigeria’s petrol is the most expensive.

laivwire:
You stand beside the point, is the FG subsidizing? Yes, they only choose an alternative method. Crude for naira, regulating forex. Its all subsidizing.

Gotocourt:
Tinubu should cancel the floating of Naira. Petrol, cooking gas, consumables prices will drop.

erad:
Atiku is now sounding very foolish and annoying.

Every sane Nigerian knows IPMAN's appeal is not for the sake of Nigerians, it's to protect their own profit margin.

Gotocourt:
Tinubu should cancel the floating of Naira. Petrol, cooking gas, consumables prices will drop.

saintopus:
Of a truth, we're are not supposed to buy fuel at the present price.
Nearly all the oil producing countries, Nigeria’s petrol is the most expensive.

nairalanda1:
It would also worsen the debt. We already have a massive debt that is eating a lot of our forex revenues which was ironically caused by the same forex subsidy you are advocating for in part .

Also it would make dollars scarce and reintroduce the massive corruption called arbitrage. And it would make it difficult for you to use your naira card for international transactions .

Nigeria problem has been that our source of dollars is tied to how high oil is. That leads to issues with dollar supply already, before you even talk about subsidy on dollars .

Saner climes, their source of dollars is tied to how much manufactured goods they can export and how much investment they can attract. That's why they have stronger currencies