Tinubu's Aide Critiques Obi on Rising Fuel Prices

Dada Olusegun, a special assistant to President Bola Tinubu, sharply criticized Peter Obi, the Labour Party's 2023 presidential candidate, over Obi's remarks concerning the rising fuel prices in Nigeria. Obi had linked the increase in petrol and diesel prices to the absence of strategic petroleum reserves and poor government planning.

He noted that petrol prices had risen from below 1,000 Naira per liter to 1,200 Naira, while diesel prices surged above 1,500 Naira. In response, Olusegun dismissed Obi's claims, stating that the current fuel price increases are primarily due to the deregulated nature of Nigeria's fuel market following the removal of petrol subsidies.

He explained that external factors, such as global crude oil prices and exchange rates, significantly influence fuel prices. Olusegun emphasized that Nigeria's vulnerability to fuel price shocks stems from long-standing structural challenges, including heavy dependence on imported refined petroleum products despite being a major crude oil producer.

He argued that addressing these issues requires broader reforms rather than focusing solely on the absence of strategic reserves.