Tinubu Directs Economic Team to Address Fuel Price Surge

President Bola Tinubu has instructed his economic team to formulate strategies aimed at alleviating the economic pressures on Nigerians resulting from the ongoing crisis in the Middle East. This directive comes as fuel prices have surged to N1,350 per liter, driven by escalating tensions in the region.

The announcement was made through a statement issued by presidential spokesperson Bayo Onanuga on Friday, following Tinubu's remarks during a civic reception in Yenagoa. The Tinubu administration is aware of the economic pressures faced by citizens and is taking steps to address these challenges.

The Ministry of Finance and Budget, along with heads of service, will review options to ease the burden on the populace. This initiative is particularly crucial as the Middle East crisis affects global oil supply dynamics, with significant portions of the world’s crude oil passing through the Strait of Hormuz, often leading to volatility in global oil prices.