₦airaland Forum

The Federal Government said President Bola Tinubu will not leave Nigerians to bear the impact of rising petrol prices, defending the Nigerian National Petroleum Company Limited’s decision to forgo part of its profit to cushion the increase’s effects.

The Minister of Information and National Orientation, Mohammed Idris, said this on Monday during a media briefing, noting that the intervention was meant to provide temporary relief to Nigerians amid rising global fuel prices and insisting it did not amount to a reversal of the petrol subsidy removal policy.

Idris said the President was concerned about the pressure facing Nigerians and would not ignore the difficulties caused by unexpected developments in the international oil market.

“President Bola Tinubu is a listening president. He cannot just sit and watch his countrymen face pressure they did not see coming and then do nothing about it. In any case, the NNPC is a limited liability company,” Idris said.

He explained that the NNPC had considered reducing its profit margins to ease the burden on consumers, describing the decision as part of efforts to maintain energy security and cushion the impact of rising fuel prices.

“You look at issues, and then you come up with a mechanism to cushion the effect for our citizens. And so what the NNPC has done is they have looked at it and said, okay, we’re making this much profit, why can’t we forego some of the profit that we are making so that Nigerians will have some form of cushion?” he said.

The minister maintained that the intervention responded to changing global conditions and should not be seen as a reversal of the subsidy removal introduced by the Tinubu administration.

“What we’re trying to do is to approach a matter that has arisen as a result of something that was not seen. When subsidy was removed, of course, the Iran-U.S. war didn’t exist. So at every time, government is a continuously evolving system,” Idris said.

He added that fuel pricing wasn’t unique to Nigeria, noting that other countries were also responding to rising international petroleum prices.


“Fuel is an international commodity, if you will. Yes, of course, we dig it from our grounds here, but its marketing and sales follow international dimensions. And if you follow what is happening in the Middle East now, you’ll have noticed that fuel prices haven’t gone up only in Nigeria.

“It has gone up in so many other places. And governments around the world are responding to this issue in their own way. Now, the idea is that, yes, subsidy is in place, and I can confirm that this is not reversing the course of subsidy that was established since the onset of the administration of President Bola Tinubu.”

Idris said the NNPCL, although owned by the Federal Government, operated as a limited liability company and had the right to review its margins in the interest of national energy security.

“As we said, of course, it is owned by government. It is within its right to look at what their own margins are and in the interest of the energy security and stability that we need as a nation, create that kind of buffer so that Nigerians will have greater access to this commodity,” he said.

The minister also defended the decision as a temporary measure to help consumers adjust to prevailing economic realities.


“NNPC is not just there to supply fuel.


“It is also there to ensure that there’s also energy security for our country because this is a critical component of national development. So if indeed they said, okay, we are shedding off some part of this cost so that Nigerians can at least adjust to the new realities that we are facing for a short period of time and then return to normal issues later, I don’t think that it is that bad. I think that these issues are always evolving,” he said.

The minister’s comments came as the government continued to defend its economic reforms amid persistent cost-of-living pressures on households.

Idris acknowledged that many Nigerians still struggled with rising living costs but said the administration was working to ensure improvements in economic indicators translated into better living conditions.

“We recognise that many households continue to face cost-of-living pressures. That is precisely why the President remains focused not only on stabilising the economy, but also on making the benefits of recovery visible in the daily lives of our people. Our commitment is to ensure that stronger economic indicators translate into more jobs, more productive businesses, more affordable essential services and greater purchasing power for Nigerian families,” he said.

He added that the government’s ultimate goal was to ensure that economic recovery was felt by households in their daily lives.

“Our task now is to ensure that this clear macroeconomic recovery is felt even more widely in the lives and households of Nigerians: on the dinner table, in shops and markets, at the petrol station, and in pockets and wallets. I am pleased to say that work is already under way,” Idris said.

The minister recalled that he had participated in engagements between the government and organised labour over the minimum wage, saying Tinubu had anticipated some of the issues raised during the negotiations.

“President Bola Tinubu has always insisted that labour and wages are things that we need to look at all the time. I recall that because I have been part of some of the engagements with the organised labour. And I recall that in one of those meetings when we were going back and forth on the 70,000 minimum wage, one of the things that the labour wanted, and they didn’t know that the president had already anticipated and already thought about that, is what they call the circle of negotiation of what we will do,” Idris said.

According to the minister, the economy is projected to grow by more than four per cent in 2026, while Nigeria’s current account surplus rose to $12bn in the first half of the year, up from $8.6bn in the corresponding period of 2025.

He said inflation had declined from about 27 per cent in January 2025 to around 15 per cent, although the government’s ultimate target remained single-digit inflation.

“The economy is on course to grow by more than 4 per cent in 2026. Nigeria’s current account surplus was US$12.0 billion in the first half of 2026, up from US$8.6 billion in the first half of 2025.

“Inflation has fallen from about 27 per cent in January 2025 to around 15 per cent today, an encouraging improvement in the outlook for household budgets. Our ultimate target remains single-digit inflation,” he added.

“The macroeconomic numbers have turned the corner, and I would ask that we always look at what they mean beyond the headlines,” Idris said.

He also disclosed that Nigeria’s external reserves exceeded $54bn in September, the highest level in almost two decades, while the foreign exchange market had stabilised, allowing businesses and investors to plan with greater confidence.

Source: https://punchng.com/tinubu-wont-abandon-nigerians-amid-fuel-price-hike-fg

He has just 6 Months left and he will be out of Aso rock. Never again

Same heartless fella that afflicted and abandoned condemned the hapless citizens of Nigerian to his disastrous IMF/World Bank reforms that have enmeshed 140M of its citizens into poverty and 37.3M into multi-dimensional poverty?

Are they saying he was with Nigerians as petrol rose from N187 per litre to N1,500 per litre? Wonderful!

Truly, he was with Nigerians, in his Aso Rock bunker, telling them to bear the brunt and make sacrifices.

The French tenant does not know what he is saying

No Matter How Tired I May Be,
Seeing Tinubu on TV, Always Gives Me Strength To Pick Up My Remote And Change The Channel.

A president in absentia, hiding inside ASO Rock and dishing out hardships month on month.

Dear Minister...if Tinubu truly cared about us, we will know by his actions ....a president who left nigeria for how long n didn't even care to hang over does not care ....A president who heard about d crisis in Plateau n do dnt even visit those people properly does not care at all...d list is ending sha

Which of the Tinubu?

The one Macron brainwashed to introduce deeper poverty or the one blocking files from leaving shelves in Chicago?

Which one?

When will this people ever get tired of lieing and spewing propaganda.

Is Bola aware he said this?

He is just coming back from France after many days of hiding from problems in Nigeria.


Is that not an abandonment?



When I say that hypocrisy is a way of life for them they will start fighting.




😎

You are very sensible..

90% of statements are not vetted by TINUBU. Everyone is just a mouthpiece talking rubbish and out of point

Sheuns:
Is Bola aware he said this?

I only hope you have your PVC and not relying on my own and others to fulfil your dream. Even if you have the PVC, hope you wouldn't be damn too lazy on that day to activate your desire....

Daguccizgreat:
He has just 6 Months left and he will be out of Aso rock. Never again

So is subsidy gone or not? If he knows rising fuel prices will leave Nigerians vulnerable, why did he abruptly remove the subsidy without any plan or buffer? Government of trial and error.

Daguccizgreat:
He has just 6 Months left and he will be out of Aso rock. Never again

Never again will we allow ourselves to be screwed up and scammed by clueless balablu bulaba, empty barrel town hall clowns who promise heaven but deliver hell.

Every single patriotic Nigerian has a duty to work for the end of this APC extreme poverty, corruption and insecurity shege.

How can someone promise to crash petrol prices below N185, and then hike it up to N1,400 despite paying subsidy illegally to importers of fuel from Malta bleeding plants? If this is not wickedness, then what is it?

We are tired of all these empty promises.

I warned some of my friends that floating Naira and removal of subsidy would be calamitous.

But they said rubbish like " Let Naira find it's true value" or " subsidy enriches only a few"

The fuel subsidy removal hasn't stopped them from bleeding the economy and enriching a few people

He will not abandon Nigerians

The harsh impact will not abandon Nigerians too

Thank you Mr Presido. Increase the pain, Nigerians no fit do anything na only talk dem go talk

The worry/concern is not " abandoning" infact we wish something take him away or resigns

The concern is there is nothing Tinubu believe him now that can take Nigerians to better life

As for subsidy, how you climb iroko tree is way you must come down ..no other way

The only solution to bring down cost & standard of living is bring back subsidy ....if you like hire harvard, oxford & cambridge phd holder in one ...no other solution

The best decision, infact we Pray Tinubu abandon us nd relocate to france permanently 🙏

adenigga:
Source: https://punchng.com/tinubu-wont-abandon-nigerians-amid-fuel-price-hike-fg

Na only mouth this useless president get.

Something we’ve been suffering for almost 4 years?

Maybe he means that he will not relent in pressing our necks.

Wickedness gives him joy.

SYUPID GOVERNMENT

VERY CONFUSED & DULL CABINET. EXTREMELY CLUELESS

How else can you describe a useless government?

If you need one, this current APC government is

The only one- thing they can get right is INCREASING PAINS

The only thing Tinupoo will never abandon na the right to continue access to our reserves and commonwealth.

Na why we must deny am that right come January.


Wetin concern Baba 90 with fuel hike?

This one thought that he is talking to agbadorians

Mathewrichard99:
I only hope you have your PVC and not relying on my own and others to fulfil your dream. Even if you have the PVC, hope you wouldn't be damn too lazy on that day to activate your desire....

Typical Apc missscreant

If not for Donald Trump senseless war with Iran we would still be buying fuel at 700naira per litre

Scam government. Tinubu Is a political fraudster.

MoneyMan5:
If not for Donald Trump senseless war with Iran we would still be buying fuel at 700naira per litre

Keep deceiving yourself. Cheap propagandist.

He's talking to his zombies not Nigerians

I'm sure the folks at Punch must have been laughing their heads off while writing this reportage

Please abandon us. We thrive better without you Tinubu.

malali:
Nigeria’s energy policy needs a reality check.

While governments around the world are taking emergency measures to cushion citizens and businesses from the Iran-driven energy shock, Nigeria appears far too comfortable watching the consequences pass straight through to consumers.

More than 100 countries have introduced measures to deal with the energy crisis. Governments have cut fuel taxes, released strategic reserves, introduced price brakes, eased transport costs and provided targeted assistance to industries and households. Austria introduced a petrol-price brake. Australia released petrol and diesel from reserves. Turkey reduced fuel taxation. The G7 has now agreed to release 100 million barrels of oil and diesel to help stabilize markets.

What is Nigeria doing?

Fuel prices feed directly into transport costs, food prices, logistics, manufacturing, construction and ultimately household purchasing power.

The answer doesn't necessarily have to be a return to the old petrol subsidy system.

There are other tools:

temporary fuel-tax relief, strategic reserves, targeted transport support, emergency diesel measures for critical industries, accelerated domestic crude supply, competition enforcement, and transparent rules governing refinery and import markets.

The objective should be simple:

Protect Nigerians from an extraordinary external shock without recreating the structural problems of the old subsidy regime.

What Nigerians should not have to accept is a government standing on the sidelines while petrol and diesel prices work their way through every single corner of the economy.

There is an energy-security problem, and Nigeria needs an energy-security response.

All the painful reforms implemented by Tinubu’s economic team, Cardoso, Edun and Oyedele, risk being undermined by one major problem: uncontrolled petrol and diesel prices.

You cannot fight inflation with monetary policy while allowing energy prices to become a massive inflationary shock.

The CBN is cutting interest rates just as fuel costs threaten to push inflation higher. That makes little sense to me.

Petrol and diesel don't just affect motorists. They affect transport, food, logistics, manufacturing, electricity and virtually every business in Nigeria.

You cannot put out an inflation fire with one hand while pouring petrol on it with the other.

If energy prices are allowed to spiral, what exactly were all these painful reforms supposed to achieve?

Nice piece up there

I like the way you said subsidy does not have to come back for us to have lower oil prices.

What Nigerians wants is not achievable unless we want to transfer the present sufferings to the next generations.

Subsidy must not come back because it will be removed eventually someday.

If we've suffered for it for more than 3 years and the results have started showing up, why go back to it?

What we should do are contained in your write-up and I hope the government is seeing it.

We are making hell of monies these days and forgoing taxes should not be what the government can't shoulder.

Whether or not there was a cushion before it was removed is a too late debate at this time - subsidy should remain removed and replaced with tax break.

The wars in Iran, Russia and Ukraine will not last forever - let's look inward for solutions without returning the unsustainable subsidy.

Without these wars, fuel should not be costlier than N500 per liter which I believe many Nigerians can easily pay.

Patience is the key to achieving this.

Subsidy is a greek gift and must not be returned.

Of what help is returning it for a few years only for it to be removed again?

Remember during the first year of the Buhari's presidency, he removed fuel subsidy only for him to start paying it again.

We can't be going back and forth on it everytime.

Anyone who is campaigning to reintroduce it, is the enemy of the people.

Can it be reformed?

Yes, just like Malali in his post above has written.

I stand for a permanent subsidy removal because it is unsustainable!!!