President Bola Tinubu has spoken publicly about the recent increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, explaining that the fuel price hike is a result of hard decisions that are crucial to economic prosperity.
During a meeting with Nigerians living in China on Friday, Tinubu addressed concerns surrounding the petrol price hike, emphasising that his administration’s reforms aim to lay a solid foundation for Nigeria’s future economic prosperity.
Tinubu said, “Nigeria is going through reforms, and we are making bold, unprecedented decisions. For instance, you may have heard about the recent changes in fuel prices back home,” as quoted by presidential spokesman Ajuri Ngelale.
He further explained that tough decisions are necessary to move the country forward, stating, “How can we achieve progress if we shy away from making difficult choices? The more we demand things for free, the costlier and more delayed real development becomes.”
Earlier in the week, the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of petrol to N855 per liter across its retail outlets, leading to long queues at filling stations.
The hike has sparked widespread criticism from Nigerians and various groups, who have urged the Federal Government to reverse the decision amidst fuel scarcity and rising inflation.
Despite the backlash, Tinubu stood by the decision during the Beijing meeting, arguing that economic growth requires making challenging but necessary reforms.
“Can we truly develop without making sacrifices? Can we have good roads, consistent electricity, clean water, and quality education without taking bold steps? We must be willing to pass on a better future to our children,” the President said, underscoring the need for national commitment to these reforms.
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He also highlighted the impressive talents of Nigerians in China, noting that their contributions abroad can inspire positive change at home.
Tinubu reaffirmed his commitment to replicating China’s infrastructure advancements in Nigeria, promising that his administration is focused on delivering results.
“Every economic decision has a ripple effect, and it’s up to us to build our nation. My role is to lead, and I am determined to do just that. I have a strong team, and we are working with clear focus,” he added.
