Tinubu's Aide Critiques Peter Obi on Fuel Price Comments

Olusegun Dada, a special assistant to President Bola Tinubu, responded to comments made by Peter Obi, the Labour Party's 2023 presidential candidate, regarding the rising fuel prices in Nigeria. Obi attributed the increase in petrol prices from less than ₦1,000 to ₦1,200 per liter and diesel from below ₦1,000 to ₦1,500 per liter to Nigeria's vulnerability to global oil price shocks, the absence of strategic petroleum reserves, and a lack of government planning.

Dada rebuked Obi's remarks, stating that they were misleading and emphasized that the rise in fuel prices was primarily due to the deregulation of the fuel market following the removal of subsidies. He explained that the deregulated market responds directly to global oil prices and exchange rates, and Nigeria's heavy reliance on imported refined products makes it susceptible to global market fluctuations.

Dada also noted that the real challenges facing Nigeria include structural issues and a lack of domestic refining capacity, rather than merely the absence of strategic reserves.