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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.
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Wike promises to deliver ongoing road projects in December as Christmas gift to residents(Photos)
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has assured residents of Abuja that ongoing road projects will be completed and delivered in December as special Christmas gifts from President Bola Tinubu.
Wike gave the assurance in Abuja on Tuesday, after he inspected the ongoing construction of Arterial Road NI, from Wuye to Ring Road II, Tungan Madaki to Zuba road and Zaudna-Kaba-Kagini to Kubwa Expressway.
Speaking to journalists after assessing the pace and quality of work, the minister expressed satisfaction with the progress recorded so far and commended the contractors for their dedication to meeting the completion timelines.
“I’m very impressed with the jobs so far, and I’m also impressed with the commitment of the contractors.
“We have promised the residents that this will be their Christmas gift by Mr President as part of their Christmas gift so that they’ll go back home and enjoy their Christmas celebration.
“You can imagine the happiness of those who stay here. You know that with these roads the economy of the affected communities will change,” he said.
Highlighting the impact of the road infrastructure on the beneficiary communities, Wike noted that completing the roads would alleviate transport difficulties and revitalise local economic activities ahead of the festive season.
The minister particularly emphasised the transformation taking place in suburban and rural areas, describing community satisfaction as the primary goal of public service.
“When you see a rural area like this, it makes us very happy when the people are happy and of course, that’s the essence of good governance,” Wike added.
Addressing initial concerns regarding weather-induced delays, Wike acknowledged that seasonal rainfall had temporarily slowed earthworks.
He, however, expressed confidence that the contractors would accelerate operations as the rainy season winds down.
“You know, I was having doubts, but the contractors are fully committed. If not for the rains, I know they would have gone far.
“I believe that from the first week of October, the rains will not be much again, and you will see how they will continue with earthworks,” he said.
The minister assured residents that the administration remains steadfast in delivering on its commitments.
Addressing the excited residents, Wike urged them to vote Tinubu for president and Philip Aduda to represent FCT in the Senate.
He told residents of Tungan Shanu village, on the Tungan Madaki to Zuba road corridor not to forget Tinubu and Aduda during the 2027 elections.
“We will push the contractor to deliver the road by December so that you’ll be happy. That is what the President is doing for you.
“The president said this road will be a Christmas gift for all of you. So, when the election comes too, don’t forget to vote for Tinubu and Aduda,” he said.
Speaking to the cheering residents of Kaba, on the Kagini to Kubwa Expressway road corridor, the minister said: “I’m happy that you people are happy that this road will be completed in December.
“I came here with the man that will represent you well in the Senate and that is Sen. Philip Aduda. He’s the one that will connect you directly with Tinubu.
“So, I hope all of you will vote for Tinubu and Aduda.”
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2027: Rainbow Coalition Signals Fresh Political Realignment in Nigeria — Sokoto PDP Guber Candidate
The Peoples Democratic Party (PDP) governorship candidate in Sokoto State, Abubakar Sokoto, has described the emerging Rainbow Coalition as another chapter in Nigeria’s long history of political alliances and realignments.
Sokoto, in a statement issued in Sokoto on Tuesday, said political coalitions had remained a recurring feature of Nigeria’s electoral history, with parties and political groups often coming together to pursue shared political objectives.
According to him, while the names, personalities, circumstances and goals behind such alliances may change, political realignment remains an established part of the country’s democratic process.
He cited the 1999 AD-APP joint presidential ticket of Olu Falae and Umaru Shinkafi as one of the notable examples of political cooperation in Nigeria.
He also recalled the Coalition of Progressive Political Parties ahead of the 2015 general elections, as well as the merger involving the Action Congress of Nigeria (ACN), Congress for Progressive Change (CPC) and All Nigeria Peoples Party (ANPP), which eventually led to the formation of the All Progressives Congress (APC).
“The greatest lesson from these experiences is that political coalitions are about people as much as they are about parties,” he said.
On the latest political realignment, Sokoto noted that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, had described the Rainbow Coalition as a multi-party platform mobilising support for President Bola Tinubu’s 2027 re-election bid.
He added that Wike had also maintained that the coalition was not an APC structure.
Sokoto said concerns reportedly expressed by some APC governors over the emerging coalition should be viewed within the broader context of Nigeria’s history of political alliances and realignments.
He urged APC governors and other party leaders to adopt what he described as a pragmatic approach to the developing political configuration ahead of the 2027 elections.
The PDP candidate also called on Nigerians to support efforts aimed at ensuring that the 2027 general elections are free, fair and credible.
News
2027: Rainbow Coalition Signals Fresh Political Realignment in Nigeria — Sokoto PDP Guber Candidate
The Peoples Democratic Party (PDP) governorship candidate in Sokoto State, Abubakar Sokoto, has described the emerging Rainbow Coalition as another chapter in Nigeria’s long history of political alliances and realignments.
Sokoto, in a statement issued in Sokoto on Tuesday, said political coalitions had remained a recurring feature of Nigeria’s electoral history, with parties and political groups often coming together to pursue shared political objectives.
According to him, while the names, personalities, circumstances and goals behind such alliances may change, political realignment remains an established part of the country’s democratic process.
He cited the 1999 AD-APP joint presidential ticket of Olu Falae and Umaru Shinkafi as one of the notable examples of political cooperation in Nigeria.
He also recalled the Coalition of Progressive Political Parties ahead of the 2015 general elections, as well as the merger involving the Action Congress of Nigeria (ACN), Congress for Progressive Change (CPC) and All Nigeria Peoples Party (ANPP), which eventually led to the formation of the All Progressives Congress (APC).
“The greatest lesson from these experiences is that political coalitions are about people as much as they are about parties,” he said.
On the latest political realignment, Sokoto noted that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, had described the Rainbow Coalition as a multi-party platform mobilising support for President Bola Tinubu’s 2027 re-election bid.
He added that Wike had also maintained that the coalition was not an APC structure.
Sokoto said concerns reportedly expressed by some APC governors over the emerging coalition should be viewed within the broader context of Nigeria’s history of political alliances and realignments.
He urged APC governors and other party leaders to adopt what he described as a pragmatic approach to the developing political configuration ahead of the 2027 elections.
The PDP candidate also called on Nigerians to support efforts aimed at ensuring that the 2027 general elections are free, fair and credible.
Wike promises to deliver ongoing road projects in December as Christmas gift to residents(Photos)
2027: Rainbow Coalition Signals Fresh Political Realignment in Nigeria — Sokoto PDP Guber Candidate
2027: Rainbow Coalition Signals Fresh Political Realignment in Nigeria — Sokoto PDP Guber Candidate
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