The Presidency has rejected claims by former Labour Party presidential candidate Peter Obi that Nigeria’s rising fuel prices are mainly due to a lack of strategic petroleum reserves.
It said Obi’s comments oversimplify a complex problem and ignore the deeper structural challenges that have long affected the country’s energy sector.
In a statement shared on social media, presidential aide Dada Olusegun argued that recent increases in petrol prices are largely driven by global market forces, not the absence of strategic reserves.
He noted that many advanced economies with large reserves still experience price swings because reserves are not used simply to stop normal market movements.
Olusegun stressed that Nigeria’s main problem lies in decades of low refining capacity, heavy dependence on imported petrol, and pressure on the foreign exchange market.
He said these long term issues make the country highly vulnerable whenever international oil prices rise or the naira weakens.
According to him, real long term planning would focus on building and sustaining local refineries, improving energy infrastructure, stabilising the exchange rate, and keeping policies consistent.
He added that reducing the entire debate to the idea of building or not building a strategic reserve does not address the root of the problem.
The aide also reminded Obi that during the 2023 election campaign, he spoke in favour of removing fuel subsidies and allowing prices to reflect market realities.
He argued that the same principle now at work in the current pricing system is one Obi previously endorsed, and that this should be acknowledged in his criticism.
Peter Obi had earlier blamed the latest sharp jump in petrol and diesel prices on poor planning and lack of a strategic reserve to cushion external shocks such as tensions in the Middle East.
He said the speed at which global events translate into hardship in Nigeria shows that the government has not adequately prepared for crises in the oil market.
Obi also described the continuous fuel price hikes as insensitive in the face of widespread poverty and economic hardship.
He called on President Bola Tinubu’s administration to reverse the increases, explain how pricing decisions are made, and present a clear plan to protect citizens.
The back and forth between Obi and the Presidency underscores ongoing tensions over how best to manage fuel pricing, subsidy removal, and broader economic reforms.
Many Nigerians continue to express concern about the impact of higher fuel costs on food prices, transport fares, and small businesses.
About the author
White House says China agrees to postpone Trump Beijing trip
The White House says China has agreed to postpone United States President Donald Trump’s planned visit to Beijing, which was originally scheduled to take place in about two weeks . White House spokeswoman Karoline Leavitt said Washington is now working with Beijing to secure a new date for the trip as soon as possible . Trump had earlier announced that he would delay his Asia tour because of the demands of the ongoing war with Iran, saying he expected to make the trip in about five or six weeks but without giving a firm date . In a response to Reuters, a spokesperson for China’s embassy in Washington said head of state diplomacy plays an irreplaceable role in providing strategic guidance to bilateral relations . The embassy said China and the United States will continue to maintain communication on President […]
Pete Edochie says his prayers helped six politicians win elections
Veteran actor Pete Edochie says his prayers contributed to the electoral victories of six Nigerian politicians in the last election cycle . He made the remark while hosting streamer Peller at his residence in Enugu, where he recalled how the politicians visited him before the polls to seek his blessings . Edochie said that two years ago, six people running for political offices came to his house with a big ram and kolanuts, and that he prayed for them . According to him, all six later went on to win their respective elections, which he believes was a result of divine favour . The Nollywood legend said his requests to God are usually granted and maintained that those he has prayed for tend to record success .
Benin Queen palace officials risk removal over Peller’s unauthorised visit
The Benin Traditional Council has warned that a palace queen and some officials may face removal and other sanctions over streamer Peller’s unauthorised visit to the Oba of Benin’s palace . In a statement signed by BTC Secretary Frank Irabor, the council described the incident as a serious breach of palace protocol and a desecration of the sacred precincts of the royal court . Peller, whose real name is Habeeb Hamzat Adelaja, reportedly visited the palace on March 6 during a nationwide tour and was received by some palace staff and chiefs . The council said he entered the premises without the required permission and that his conduct and that of his entourage caused embarrassment and a breach of the peace within the palace grounds . It stressed that the Oba’s palace is not a public thoroughfare or a venue […]
Spyro says God changed his story after 16 years in music
Afrobeats singer Spyro says 16 years of struggle in the music industry finally paid off three years ago, crediting God for changing his story and lifting his career . In a post shared on social media, he recalled going through a period of deep disappointment and hardship just before his breakthrough came . He explained that it was at his lowest point that things began to turn around, which he believes was a clear sign of divine intervention . Spyro now uses his experience to encourage others who feel stuck or are thinking of giving up on their dreams . He urged them to stay committed, keep working and trust that their own turnaround can still happen no matter how long they have been struggling . The singer said he has been pushing his music for 16 years and never […]
Spyro says God changed his story after 16 years in music
Afrobeats singer Spyro says 16 years of struggle in the music industry finally paid off three years ago, crediting God for changing his story and lifting his career . In a post shared on social media, he recalled going through a period of deep disappointment and hardship just before his breakthrough came . He explained that it was at his lowest point that things began to turn around, which he believes was a clear sign of divine intervention . Spyro now uses his experience to encourage others who feel stuck or are thinking of giving up on their dreams . He urged them to stay committed, keep working and trust that their own turnaround can still happen no matter how long they have been struggling . The singer said he has been pushing his music for 16 years and never […]
Enzo Fernandez unsure over Chelsea future after Champions League exit
Enzo Fernandez has hinted he could leave Chelsea at the end of the season after the club were knocked out of the Champions League by Paris Saint Germain . Chelsea lost 3 0 at Stamford Bridge on Tuesday, completing an 8 3 aggregate defeat in their last 16 tie against the French champions . The world club champions are currently sixth in the Premier League and risk missing out on Champions League qualification for next season . Fernandez captained Chelsea in the second leg in the absence of injured skipper Reece James but did little to end speculation about his future when speaking after the game . Asked by ESPN if he would still be at Stamford Bridge next season, the 25 year old Argentina midfielder replied that there are eight league matches and the FA Cup still to play, […]
Related
CDS COAS DG NEMA relocate to Maiduguri after Tinubu directive
Chief of Defence Staff General Olufemi Oluyede, Chief of Army Staff Lieutenant General Waidi Shaibu and Director General of the National Emergency Management Agency have relocated to Maiduguri, Borno State, following President Bola Ahmed Tinubu’s directive . The move comes in response to a recent surge in Boko Haram and ISWAP attacks and bombings in Borno, including deadly explosions in Maiduguri, the state capital . Tinubu had ordered all service chiefs and heads of key security agencies to move to Maiduguri to coordinate intensified operations aimed at quickly restoring security and public confidence in the North East . On Wednesday, Oluyede and Shaibu arrived at the Maiduguri Air Force Base, where they were received by the Theatre Commander, Joint Task Force North East Operation Hadin Kai, Major General Abdulsalam Abubakar, and other senior officers . The service chiefs later proceeded […]
Tinubu and First Lady receive royal welcome as UK state visit opens
President Bola Ahmed Tinubu has begun his historic state visit to the United Kingdom with a ceremonial welcome at Windsor Castle, where he was received by King Charles III . This is the first state visit by a Nigerian leader to the UK in 37 years, marking a significant milestone in relations between both countries . Tinubu, accompanied by First Lady Oluremi Tinubu, was honoured with a 42 gun salute by the King’s Troop Royal Horse Artillery as part of the formal arrival ceremonies . Earlier, Prince William and Catherine, Princess of Wales, welcomed the Nigerian First Family and escorted them to meet King Charles and Queen Camilla at the historic royal residence . The two day visit will see the King host the president and his wife at Windsor Castle, with activities including an exchange of official gifts and […]
NAF strikes Borno terrorist hideouts after failed attacks
The Nigerian Air Force has carried out precision airstrikes on terrorist hideouts in Abirma, Borno State, destroying several structures and neutralising many fighters along the southern axis of the Lake Chad region . NAF spokesperson Air Commodore Ehimen Ejodame said the strikes were launched on Tuesday, March 17, after intelligence, surveillance and reconnaissance confirmed the presence of terrorists in the settlement . He explained that follow up aerial surveillance spotted insurgent movements around concealed structures hidden under thick vegetation, a tactic the terrorists often use to avoid detection . Once the targets were positively identified and verified in line with NAF’s operational procedures, air assets executed precision strikes on the locations . According to Ejodame, the strikes destroyed multiple terrorist structures and disrupted their activities, with preliminary battle damage assessment indicating that their capacity to use the area as a […]
Tinubu sets March 31 exit deadline for appointees eyeing 2027 polls
President Bola Ahmed Tinubu has given ministers and other presidential appointees nursing political ambitions until March 31, 2026, to resign from their positions . The directive was issued through a circular from the Secretary to the Government of the Federation, Senator George Akume, and is aimed at creating a level playing field ahead of next year’s general election . According to the statement signed by the Head of Information and Public Relations in the OSGF, Nengak Goshit, the order is to ensure compliance with the Electoral Act 2026 and the timetable released by the Independent National Electoral Commission for party primaries . INEC’s timetable stipulates that primaries to select candidates for the January and February 2027 elections must be held between April 23 and May 30, after which parties will submit their candidate lists and electronic registers of members . […]
Will more defence funds make Nigeria safer
Nigeria has spent about 32.88 trillion naira on defence in the last 15 years, roughly 12.5 percent of total national budgets of 262.834 trillion naira in that period, yet insecurity remains widespread across the country . Despite these rising allocations, many communities still face insurgency, banditry, kidnapping, communal clashes and oil related violence, raising doubts about whether more money alone can make Nigerians safer . Security trackers estimate that over 100,000 people have been killed in violent incidents since 2012, with thousands abducted and about 3.726 million citizens displaced and living in roughly 3,900 camps nationwide . The trend has continued into 2026, with at least 1,091 deaths recorded from violent attacks in just the first 41 days of the year, underscoring the scale of Nigeria’s security crisis despite years of increased defence spending . Against this backdrop, the National […]
Witness details Malami wife hotel account transfers
The trial of former Attorney General of the Federation and Minister of Justice, Abubakar Malami, on alleged money laundering charges resumed on Monday at the Federal High Court in Abuja with fresh testimony on how funds were moved through a hotel account linked to his wife . A prosecution witness, Daniel Simon Kwayil, a bank compliance officer, told the court that large sums were repeatedly transferred from the account of Meethaq Hotels Limited, where Malami’s wife, Asabe Rakiya Bashir, is the sole signatory, to the former minister and his law firm . Kwayil, testifying as the second prosecution witness, identified Malami’s wife in the dock and confirmed that the hotel’s account profile and board resolution listed her as the only signatory, with her identification documents attached to the account opening file . Malami, who served as Justice Minister from November […]
Be the first to leave a comment