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From Okwe Obi, Abuja
Following the war between the United States of America, Israel and Iran that has led to the increase in fuel prices, presidential aspirant of the National Rescue Mission (NRM), Faduri Oluwadamilare Joseph, has called on the Federal Government to return subsidy to cushion the economic effect.
Joseph made the call on Tuesday while reacting to the surge in global oil prices linked to the ongoing tensions involving Israel, Iran and the United States, which he said was worsening economic hardship for ordinary citizens.
His call came as the price of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) climbed sharply in parts of the country following an increase in ex-depot prices.
Industry checks showed that as of Monday evening, petrol sold for as high as N1,400 per litre while diesel rose to about N1,750 per litre at some filling stations. The increase followed a fresh adjustment in gantry prices by the Dangote Refinery, which raised the price of petrol to N1,175 per litre and diesel to N1,620 per litre.
Reacting to the situation, Joseph said Nigeria would have been insulated from the shocks if successive governments had ensured that the country’s refineries were functional.
“If we had responsible leadership that fixed our refineries years ago, the current crisis in the Middle East would have been an opportunity for Nigeria rather than a burden. Instead of refining our crude locally and benefiting from rising global oil prices, we are forced to export crude and import refined products at higher costs, which ultimately makes Nigerians suffer,” he said.
He also faulted the removal of fuel subsidy in 2023, insisting that the policy had deepened economic hardship without clear accountability on how the savings were utilised.
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Joseph stressed that beyond temporary relief measures, Nigeria must prioritise fixing its refineries and strengthening domestic production to reduce vulnerability to global energy shocks.
“The removal of fuel subsidy has brought untold hardship on ordinary citizens, yet Nigerians cannot clearly see the benefits of the money supposedly saved from the policy. What the country needs now is the full restoration of fuel subsidy so that citizens can breathe again.”
He also called for stronger regulatory mechanisms to control rising prices of essential commodities, noting that the absence of effective price control systems had allowed inflation to spiral.
On long-term solutions, Joseph stressed the need for Nigeria to revive its domestic refining capacity and strengthen local production across sectors to reduce dependence on imports.
He added that fixing the country’s refineries and addressing corruption in the management of public resources would help shield the economy from global oil price volatility.
Joseph advocated policies that encourage local manufacturing and reduce the country’s reliance on foreign goods, arguing that Nigeria must transition from a consumption-driven economy to a production-based one.
He also criticised the appointment of individuals without the necessary expertise into key government positions, saying such decisions undermine effective policy implementation.
