Petrol price hike: The final blow in a series of economic burdens

BY ISHOWO OLANREWAJU

As a resource person and regular analyst on major radio stations in Kwara State for over a decade and a half, I have consistently aired my opinions and raised concerns about various socio-political issues affecting our society. It is in this light that I’ll be voicing my concern over the impending impact of the recent fuel price hike on the average Nigerian and the broader economy.

It would be recalled that, as part of advocacy for the removal of fuel subsidy, one of the key assurances given to the Nigerians by agents of the present administration was that, once the Dangote Refinery begins production of petrol, the price of the product would drop, in the country. Unfortunately, the reverse has been the case. Instead of a reduction, the price of fuel has skyrocketed by over 45%, further compounding the economic woes of the masses.

Last Tuesday, Nigerians woke up to the news that the Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from around ₦580 to ₦897.

This alarming development has prompted me to reach for my pen, to write President Bola Ahmed Tinubu and his economic management team to express my deep frustrations on behalf of many Nigerians who are now bearing the brunt of the shocking petrol price hike amidst the excruciating pains caused by the tough policies of the current administration.

Dear President Tinubu, over the last one year, the masses have been struggling to survive under the harsh economic climate your government has foisted on the citizenry. There has been growing outcry among the downtrodden over your administration’s seemingly insensitive policies and actions. Many citizens feel that your administration has been subjecting them to one hardship after another, all in the name of economic reforms. With the recent hike in the price of PMS, the frustration has boiled over, leaving Nigerians to wonder if their voices are being heard by the very government they elected.

Before the latest hike in petrol prices, majority of Nigerians were already grappling with hunger and poverty. The cost of living had gone out of the roof, wages remained stagnant and unemployment had reached alarming levels. Families across the country find it increasingly difficult to afford basic necessities, while small businesses are on the verge of collapse due to rising costs. In fact, some businesses have shut down.

Despite these pressing concerns, your government has continued to implement policies that, while aimed at long-term economic stability, have increased the immediate suffering of millions of Nigerians. For many, the recent PMS price increase feels like the final blow in a long series of economic burdens they can no longer bear, with transportation costs soaring and an impending further hike in prices of food items and other essential commodities.

For the average Nigerian, who relies on petrol for daily sustenance; whether for commuting, running a business or powering generators for domestic use during persistent power outages, the price increase is devastating. With wages lagging behind inflation, people are watching their disposable income erode by the day, forcing many to make painful choices between food, education and other essential needs.

Your Excellency Sir, public sentiment reflects deep discontent with your government’s approach, which seems to disregard the immediate effects of its policies on the very people it serves. Many are questioning whether you and your administration truly understand the extent of the suffering in the land. Nigerians, no doubt, are known for their resilience, having weathered many storms in the past. However, there is a limit to what human nature can endure. For many, that limit is fast approaching, as the constant rise in the cost of living erodes their ability to cope.

Households across the country are experiencing unprecedented financial strain, leading to widespread frustration and anger. There is a growing sentiment that these policies are out of touch with the reality faced by the common man on the street. The masses are left asking: “how much more can we take?”

What many Nigerians seek is not just economic reform but a government that balances the need for tough policies with compassion, rooted in empathy, for the people it serves. Economic stability is important, but it cannot come at the cost of human lives and dignity. Your government’s actions, particularly the seemingly unending fuel price hike, have been perceived as callous, placing an unfair burden on citizens already struggling to survive.

Mr. President, the masses are calling on you to consider the human toll of your policies. We are asking for a government that understands our pain and is willing to take steps to anaesthetise it, even as it works towards long-term goals. Nigerians are not against reforms, but it is believed that reform should be implemented in a way that does not subject them to further excruciating pains.

While economic reforms may be necessary to address the country’s fiscal challenges, there must be a balance between those reforms and the welfare of the people. The masses are not asking for miracles, but for policies that demonstrate empathy and a genuine commitment to improving lives.

You must recognise that your administration’s tough stance on economic policies cannot be sustained without considering the lives, and livelihoods that are at stake. As the cries of the masses grow louder, it is time for your government to listen and act, compassionately. Failure to do so puts into jeopardy, not only the economic future of the country but also the social stability that is already hanging by the thread.

The masses are tired of promises that have yet to translate into tangible improvements in their lives. As the country faces yet another hike in fuel prices, Nigerians are calling on you to take a step back and consider the devastating impact of your policies on them. Mr. President, the time to listen to them and act is now.

Ishowo Olanrewaju, a public affairs analyst, and an advocate of good governance, writes from Ilorin, Kwara state. He can be contacted via 07032068829