|
Getting your Trinity Audio player ready...
|
The Non-Academic Staff Union of Educational and Associated Institutions (NASU) has issued a stark warning to the Federal Government, urging immediate action to curb rising petrol prices and the declining value of the naira to prevent a potential mass revolt. During the union’s National Executive Council (NEC) meeting held in Abuja over the weekend, NASU President Dr. Makolo Hassan expressed grave concerns about the negative impacts of escalating fuel costs on transportation and production, exacerbating inflation across the country.
Dr. Hassan stated, “Nigeria’s abundant crude oil, which should have been a blessing, has instead made the nation’s economy highly vulnerable to fluctuations in global oil prices.” He criticized the country’s over-reliance on oil, which has left the economy exposed to external shocks and unable to foster sustainable growth. Despite ongoing discussions about diversifying into agriculture, manufacturing, and technology, he lamented that tangible progress remains elusive.
The NASU president highlighted that the persistent rise in petroleum product prices is largely due to the dysfunctional state of government refineries, which forces the country to rely heavily on imported fuel, subject to international pricing volatility. This situation has led to a heavy economic burden on consumers and has politicized the ongoing petrol subsidy debate.
Dr. Hassan mentioned the Dangote Refinery, which was expected to alleviate some of these challenges but is facing difficulties navigating Nigeria’s regulatory landscape. He noted that while the refinery promises to reduce import dependency and stabilize prices in the long term, ongoing regulatory challenges and the lack of functional government refineries continue to exacerbate the high costs of petroleum.
“The Nigerian National Petroleum Corporation Limited (NNPCL) has brought significant embarrassment to the nation by failing to revive and maintain the functionality of government-owned refineries, despite years of promises and investments,” he stated. Dr. Hassan criticized NNPCL for appearing more focused on controlling market share than on ensuring domestic refining capacity, underscoring the inefficiencies that have deepened public frustration over the ongoing energy crisis.
With inflation rising and the naira devaluing, the purchasing power of citizens has been severely compromised, plunging many into a cost-of-living crisis. “As prices of basic goods and services soar, many Nigerians are struggling to afford daily necessities, aggravating financial hardships for households across the nation,” he added.
Dr. Hassan concluded with a call for the government to take decisive action against NNPCL’s inefficiencies and to address the underlying issues contributing to the rising cost of living and fuel prices, warning that failure to do so could lead to widespread unrest.
