Bola Ahmed Tinubu has ordered the finance and planning ministers to act quickly. They must find ways to protect Nigerians from rising fuel prices.
The increases are linked to the US-Iran conflict and the blockade of the Strait of Hormuz.
The directive was issued from the State House in Abuja. It shows growing pressure on the government as it manages a fragile post-subsidy economy.
Speaking at a civic reception in Yenagoa, Bayelsa State, during a commissioninghttps://www.bbc.com/news/articles/cnv81ven263o ceremony for a new 60-megawatt gas-fired power plant, Tinubu acknowledged the pain being felt across the country. He told the gathering that fuel prices are biting hard but insisted that his government is working to find relief through coordinated engagement with economic planning ministries.
The president said the crisis reflects Nigeria’s place in a global economy. He noted that foreign conflicts can affect any country involved in world trade.
Critics disagree. They say the government has been slow to create a pricing buffer. Such a system could protect Nigerians from external shocks.
For now, the government is relying on new state power projects and output from the Dangote Refinery. These are expected to reduce the impact of global price increases.
However, it is unclear if this will be enough. Oil prices are nearing $100 per barrel.
This will be a major political test for Bola Ahmed Tinubu before the next elections..
Analysts are watching closely to see whether concrete fiscal relief measures materialize in the coming days or whether the government’s response remains at the level of reassuring statements.
