"Hard Decisions Must Be Taken" - President Tinubu Defends Petrol Price Hike

President Bola Tinubu has reacted to the increase in the price of Premium Motor Spirit (PMS), popularly known as petrol, noting that the situation was reflective of the necessary hard decisions to reposition the country for growth.

The President made the argument during his address at a meeting with Nigerians living in China on Friday, September 6, 2024.

Tinubu travelled to the East Asian country on Sunday for a five-day state visit, where he also participated in the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC).

While addressing the Nigerian community in China, the President spoke of his administration's reforms, including the deregulation of the petroleum downstream sector.

He said the hike in the pump price of fuel and other decisions by his government are part of an overall strategy to get Nigeria out of the doldrums and place it on the growth trajectory.

“Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices.”

“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?

“The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,” Presidential spokesman, Ajuri Ngelale, quoted Tinubu as saying.

On Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) jacked up the pump price of petrol to ₦855 across its retail outlets amid long queues at filling stations resulting from supply shortage.

The development has sparked reactions from many Nigerians, including labour unions and opposition politicians who asked the Federal Government to reverse the decision.

This came after weeks of petrol crisis in Africa's largest oil-producing country, caused by the inability of the NNPCL to meet its debt obligations to international oil traders who had refused to supply the essential product.

Reacting to this at the Beijing meeting, Tinubu defended the national oil company's decision, noting that hard decisions are crucial to economic prosperity.

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?

“So many of you are so talented, speaking very fluent Mandarin. It is what you contribute and tell them at home that will reflect in the attitude of our people,” he said.

The President noted that while it's not always easy for a leader to have a national consensus on issues, he is ready to take the hard decisions to move the nation forward.

“We are focused, and I have a very good team,” Tinubu said.