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Fuel price hike: Presidency counters Obi, says strategic reserve not solution
The Presidency has dismissed claims by former Anambra State governor and Labour Party presidential candidate, Mr. Peter Obi, that Nigeria’s rising petrol prices are largely due to the absence of a strategic petroleum reserve, describing the argument as inaccurate and based on a misunderstanding of global energy market dynamics.
Responding to Obi’s remarks, the Special Assistant to the President on Social Media, Mr. Olusegun Dada, said the recent increase in petrol prices is primarily the result of market forces following the deregulation of the petroleum sector by the administration of President Bola Ahmed Tinubu.
In a statement posted on his X (formerly Twitter) handle, Dada explained that in a deregulated market environment, fuel prices are influenced by several global factors, including crude oil prices, exchange rates, shipping costs and supply risks.
According to him, the removal of fuel subsidy has allowed market realities to determine pump prices, meaning developments in the international oil market now directly affect domestic fuel costs.
“In a deregulated system, petrol prices respond directly to global oil prices, exchange rates, shipping costs and supply risks,” Dada said.
He noted that geopolitical tensions involving Iran have recently contributed to an increase in global oil prices, adding that such developments inevitably affect countries like Nigeria that rely heavily on imported refined petroleum products.
“So when geopolitical tensions involving Iran push global oil prices upward, countries that rely heavily on imported refined products like Nigeria will inevitably feel the effect at the pump,” he stated.
The presidential aide also rejected suggestions that establishing a strategic petroleum reserve would automatically stabilise or control everyday pump prices.
According to him, even countries with large strategic petroleum reserves maintain them primarily for emergency situations such as wars, embargoes or major supply disruptions, rather than for routine price management.
Dada pointed out that Nigeria’s long-standing energy challenge is largely structural, particularly the country’s limited domestic refining capacity and its heavy dependence on imported refined products despite being a major crude oil producer.
He said this imbalance, combined with pressure on the foreign exchange market, has historically exposed Nigeria to fluctuations in global oil prices.
The presidential aide added that long-term energy planning should focus on expanding domestic refining capacity, strengthening supply chains, stabilising the foreign exchange environment and maintaining consistent energy policies.
Dada also reminded Obi that during the 2023 presidential campaign, the former governor had publicly indicated support for the removal of fuel subsidy.
According to him, the current policy framework allowing petrol prices to reflect market realities is consistent with positions previously supported by the Labour Party candidate.
He urged political leaders to avoid oversimplifying complex economic issues, stressing that global energy markets involve multiple interconnected factors that cannot be reduced to a single policy question.
…leaders urge resilience as pressure mounts within ADC ranks
By Gloria Ikibah
Former Kogi State governor Yahaya Bello and Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, have thrown their weight behind Rep. Leke Abejide, urging him to remain steadfast amid ongoing political tensions within his party the African Democratic Congress.
The messages of support were delivered during a dinner in Abuja held to celebrate the 50th birthday of his wife, Esther Abejide, where both leaders praised his resilience and commitment to democratic ideals.
They encouraged the Yagba Federal Constituency representative to stay the course and continue his efforts to stabilise and strengthen the African Democratic Congress, despite mounting internal challenges.
Bello described Abejide as a determined political figure who remains focused on his goals, while Gbajabiamila urged him to remain within the party and push for what he believes is right.
Their intervention comes at a time of heightened uncertainty within the ADC, with calls for unity and perseverance growing louder among party stakeholders.
Bello said, “Honourable Leke Abejide sought to be a member of the House of Representatives on the platform of APC then, and there are some mathematical miscalculations. But that never stopped him. He came second time and he is performing and touching lives across the board.
“Honourable Leke Abejide is acting as if he was the governor. At a point I was like, do you want to overthrow me? Honourable Leke Abigide sought to be the governor of Kogi State. He contested keenly with my amiable and wonderful successor. I know how many times our brother, the chief of staff, the president, intervened, called me, and several meetings were held. And I maintained one thing. I said, look, this is my brother. I will never deceive him. The politics of Kogi State, nobody knows better than I do at this stage. Let him just try his luck and learn and wait for an appropriate time.
“Honourable Leke Abejide did not lose. He only came to learn the act of politicking especially for governorship at that level in Kogi State. Honourable Leke Abejide did not hesitate to support and give all of his backings to my governor immediately after the election. He was under serious pressure to go to court. He was the first person who said he was not going to challenge it. Rather, he collapsed his structures and supported.
“Honourable Leke Abejide at National Assembly level, despite he belonged to ADC, he was supporting our president actively, both physically and covertly. Honourable Leke Abejide, we thank you for all your performance. Your Excellency, thank you for your guidance. The Chief of Staff, the President. Tell Mr. President that we appreciate you. And that myself and my governor, we have conferred on each other. And that we are calling on Chief Leke Abejide and telling all of the Yagba Federal Constituency’s persons that are here, please take this message home, that we want Leke back in APC”.
Similarly, the Chief of Staff to the President and former Speaker of the House of Representatives, Rt. Hon. Gbajabiamila commended Rep. Abejide for his doggedness which he said kept him on track in his democratic journey and winning elections on a platform which he kept alive and running for long.
He said, “I keep saying people to people when I talk about him, that for a man to contest an election in a face-to-face state where elections are fierce, and to contest under a platform of a relatively unknown party, ADC, and to win back-to-back-to-back, it tells you who that man is. Not when he won the first time, he came on a sole ADC carry to the house. Four years later, he went back to Kogi. He brought somebody else from the ADC.
“Honorable Abejide, I know you to be a committed party man. I know you to be a fighter. I know you to be someone who does not like to be cheated. So please, my charge to you is to stay in that same ADC. Fight. Fight them. Scare them. Hold on to your party, ADC. Do not allow them. We like what you are doing. Continue.
“Don’t let the former governor say that you should come and join the APC. No, no, no, no, no, no. Stay in the ADC. Win your election in the ADC as you will. Bring Gombe. We will support him. Bring him. Do the right thing. You are a fighter. Do the right thing. Nobody can come and take your party away from you. A party that you’ve been to for years with your sweat and your money and everything. No. Continue. Good luck in court”.
The African Democratic Congress (ADC) National Legislators Serving and Former Forum has tasked all stakeholders especially the Judiciary on projection of Nigeria’s democracy.
The forum gave the charge on Tuesday at a news conference in Abuja while reacting to comments allegedly made by some top politicians and public officials that do not advance Nigeria’s democratic processes.
Speaking on behalf of the forum, Ms Nnenna Ukeje, a member of the 8th House of Representatives said that as patriots, the forum is committed to national interest and have defended democracy on many fora.
According to her, their intervention stands for the defence, stability, protection of democracy and preservation of our beloved country.
“We must reiterate that there is a clear difference between the tyranny of the majority and true democracy; between illiberal civil rule and a system grounded in democratic contestation; between constitutional governance and authoritarian subjugation.
“Nigeria must remain firmly on the side of democracy, resisting overreach by any arm of government is not subversion; it is a constitutionally given right and duty.
“To the judiciary, we reiterate: this is a defining moment; the tipping point, the nation’s eleventh for survival.
“Your independence must remain sacrosanct. Your integrity must be unquestionable and your patriotism unapologetic. Your decision will determine the drift,” she said.
Ukeje said that Nigeria’s democracy must not be weakened by the very forces that once fought to build it saying that the preservation of democratic space is not a favour to the opposition but a duty owed to the nation.
The former lawmaker said that Nigerians must be very vigilant as democracy does not defend itself but survives only when citizens, institutions, and leaders commit to its protection.
“In conclusion, Nigeria must remain a nation governed by law, not expediency; by robust institutions, not strong individuals; and by the will of the people, not predetermined outcomes.
“Let the judiciary act without interference. Let opposition thrive without intimidation. Let citizens participate without fear.
“Nigeria’s democracy belongs to its people, and it must be protected and defended by all.
We remain committed to defending it through all lawful means; through the courts, through civic engagement, and at the ballot box,” she said. (NAN)
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…..Oyedele elevated to Finance Minister
President Bola Ahmed Tinubu has approved a minor cabinet reshuffle in the membership of the Federal Executive Council.
According to a memo signed by the Secretary to the Government of the Federation, Senator George Akume, two cabinet members, Mr. Wale Edun and Arc. Ahmed Musa Dangiwa are to leave the cabinet while their replacements have been named.
Edun, until the latest development, was the Minister of Finance and Coordinating Minister for the Economy.
He has been directed to hand over to Mr. Taiwo Oyedele who is now to take over as Minister of Finance and Coordinating Minister of the Economy. Oyedele was formerly a Minister of State in the ministry.
Also Mr. Muttaqha Rabe Darma (PhD .) has been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.
The memo also directed Dangiwa to hand over to the Minister of State in the ministry.
The memo stated that “all handing over and taking over processes should be completed on or before close of business on Thursday 23rd April, 2026.”
Explaining the President’s decision, Akume said: “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
He said the President, in approving the cabinet reshuffle, has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended).
The President thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours.
The President, Akume noted, equally assured all cabinet members that “the process of reinvigoration shall be continuous.”
Stand Firm and Keep Fighting, Bello, Gbajabiamila Rally Abejide
Forum of legislators calls on Judiciary to safeguard Nigeria’s democracy
Tinubu approves minor cabinet reshuffle, sacks Edun, Dangiwa
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