The African Democratic Congress has criticised the Federal Government’s decision not to intervene in the rising petrol price, warning that leaving the sector entirely to market forces could worsen the economic hardship already facing millions of Nigerians.
This is as the Obidient Movement Worldwide urged the Federal Government to come out clean on the situation of the country, saying lack of transparency was undermining the country.
The backlash followed recent remarks by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who ruled out price controls despite rising geopolitical tensions in the Middle East that have triggered volatility in global oil markets.
Edun, who spoke during an interview on Channels Television’s Politics Today, said the government would maintain its market-based pricing policy for petroleum products, stressing that intervention would only be considered as a last resort.
However, opposition leaders argue that the policy would expose Nigerians to “unbearable fuel price shocks” at a time when the cost of living remains high.
Commenting on the Federal Government’s stance, The National Publicity Secretary of the ADC, Bolaji Abdullahi, said the government must urgently introduce a temporary cap on petrol prices to protect citizens from the harsh effects of market volatility.
He said it was not yet time to throw the people into the hearts of the market, calling on the government to do whatever it takes to protect the people.
“If this APC government claims to be a progressive one, why do they seem to favour neoliberal policies all the time, regardless of how it punishes the people? So, we are saying that the removal of the subsidy in the first place was wrong.
“What they needed to do was to re-target the subsidy to the poorest citizens who need it. But now, we have seen the results. A report that came out yesterday said 63 per cent of Nigerians are struggling to survive,” he said.
The ADC spokesman expressed concerns that the ruling APC-led government had shown over and over again that it had little or no care for the masses.
“With this development, the matter is even worse. That’s why we say, look, you cannot continue to leave this to market forces. You have to step in now to cap the price of petrol. If the price of petrol goes beyond this threshold, as a result of what is happening in the world, the federal government will need to step in to bridge the difference.
“That’s what a government should be doing, but these people in government don’t care. All they are interested in is the politics of 2027. They are only thinking about how many senators and governors have defected to their party. The president is also there saying the game is sweet if you are winning. That’s all they are interested in,” he added.
Also commenting, the National Coordinator of the Obidient Movement Worldwide, Dr Yunusa Tanko, accused the government of failing to communicate honestly about the country’s economic realities.
He said the government needed to be more open and truthful about the real situation of the country.
“If you tell the truth, people will be prepared. They will be prepared for the unforeseen circumstances. This particular government lacks the communication skill of giving the right information to the people, and that has brought us to our knees as we are.
“People are really suffering, and we cannot continue like that. So, they need to come out clean to tell the true situation of the country to the people so they can be more prepared. Anything short of that will end up in a more disastrous situation.
“The US, Iran, and Israel war may even escalate beyond what we are thinking. So, how prepared are we?” he queried.
But the acting National Chairman of the Labour Party, Nenadi Usman, took a different view, arguing that the government’s earlier decision to deregulate the oil sector means it couldn’t return to price controls.
Usman spoke with our correspondent through her Senior Special Adviser on Media, Ken Asogwa.
She said, “From the outset of this administration, they said they had deregulated the oil industry. By the removal of fuel subsidy, what it meant was that the oil industry had been deregulated. So, I am not talking politics this time. I’m just being as crystal clear as possible.
“Now, if the FG had deregulated the oil industry and removed the subsidy, I don’t know why we should be inviting them back to start applying price control again in the industry.
“I believe what’s happening here is the ripple effect of what’s going on in Iran and the closure of the Straits of Hormuz by the Iranian government, which is happening all over the world now, even in Britain and America.
“The price of gasoline has tripled in those countries. So, I don’t think it’s a peculiar thing in Nigeria. For me, I think Nigeria should clamour for other things, not necessarily subsidy or price control intervention. Anyone following international politics should understand that this is a global problem.”