Opposition Parties Slam FG’s N1,350 Petrol Offer, Ask What Happens After 30 Days

ABUJA — Opposition parties have criticised the Federal Government’s decision to offer petrol at a ceiling price of N1,350 per litre at designated Nigerian National Petroleum Company Limited (NNPC) filling stations for an initial period of 30 days, questioning the sustainability of the intervention.

The Federal Government said the initiative was intended to reduce the immediate impact of global crude oil price volatility on vulnerable Nigerians, while maintaining that it did not amount to a reversal of the fuel subsidy removal policy.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the plan in Abuja, saying public transport operators would receive priority under the arrangement.

“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide,” he said.

Oyedele explained that the government intended to sell petrol at a ceiling cost, with the price reviewed monthly.

He also warned that proposals to restore fuel subsidies could have serious consequences for the economy, potentially pushing petrol prices to N2,000 per litre and weakening the naira to N3,000 against the dollar within months.

According to the minister, reinstating subsidies could reduce government revenue, threaten Nigeria’s credit ratings, raise borrowing costs and undermine recent progress in controlling inflation.

“Return subsidy and the sequence is familiar. Weaker revenue invites a sovereign credit downgrade, as the rating agencies have already signalled,” he said.

Oyedele added that capital flight and falling reserves could place additional pressure on the naira and increase the cost of imported goods.

Minister explains government’s economic measures

The finance minister insisted that ending fuel subsidy did not mean the government had stopped taking measures to reduce the burden of higher living costs.

“Removing the subsidy has never meant doing nothing. Over the past three years, government has acted to moderate prices in ways that are sustainable,” he said.

He credited deregulation with making domestic refining viable and helping to sustain petrol supplies, arguing that the Dangote refinery would not have been able to operate under the previous subsidy system.

Oyedele also cited the government’s promotion of CNG-powered buses, vehicles and electric transportation as part of efforts to reduce transport costs.

He said more than 120,000 vehicles were operating on CNG, with support from over 400 conversion centres, 96 refuelling stations and 18 L-CNG stations. More than 550 CNG buses had also been deployed, with fares reportedly falling by 30 to 50 per cent on routes where they operate.

The government is also considering forward sales of crude oil to domestic refiners as a way of improving supply certainty and limiting fluctuations in petrol prices.

“Pump prices do not have to follow every swing in global crude prices or the exchange rate. Government is negotiating a ceiling prices of N1,350 a litre on the ex-gantry or the landing cost of petrol to keep fuel prices stable,” Oyedele said.

He further announced plans to establish a National Strategic Fuel Reserve, which would supply refined petroleum products during periods of international disruption or artificial scarcity.

On the foreign exchange market, the minister argued that the naira had depreciated rather than been deliberately devalued by the current administration. He attributed the depreciation to insufficient reserves to sustain the previous exchange-rate arrangement.

Oyedele put the country’s foreign reserves at about $55 billion and said the gap between the official and parallel exchange rates had narrowed from more than 60 per cent to below five per cent.

Tinubu approves NNPC’s decision, says Presidency

The Presidency confirmed that President Bola Tinubu had approved NNPC’s decision to forgo its petrol retail profit margin and sell fuel at cost to cushion the impact of global crude oil price shocks.

In a statement, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the initiative was intended to provide targeted relief without bringing back a blanket subsidy.

“To be clear, none of these measures restores a blanket subsidy. Doing so would create longer-term harm for a short-term cure. Each measure is designed to reach the people who need help, without putting the wider economy at risk,” Onanuga said.

He maintained that the administration was not reversing its reforms but was seeking ways to make their benefits more tangible to Nigerians.

The Presidency added that NNPC Retail, which it described as already selling petrol at the lowest market price, would implement the new arrangement over the next 30 days.

Atiku demands answers on Day 31

Atiku Abubakar, former vice-president and presidential candidate of the ADC, dismissed the initiative as a temporary intervention that would leave Nigerians facing the same economic pressures once it expired.

In a statement by his Director of Strategic Communication, Phrank Shaibu, Atiku questioned the government’s decision to provide discounted petrol for only one month after years of high fuel and transport costs.

“Atiku totally rejects this calendar-scheduled, election-laced subsidy package. Nigerians are not fools to be offered a month of discounted fuel after years of punishing prices and then expected to forget the hardship when the discount expires. This is shameless and heartless,” he said.

Atiku asked what would happen when the offer ended, arguing that motorists and commuters could return to facing high petrol prices, transport fares and food costs.

“What happens on Day 31? Nigerians wake up to the same brutal prices, the same punishing transport fares and the same rising cost of food. The government cannot manufacture relief for one month and expect Nigerians to applaud while the hardship remains,” he added.

He also questioned why the discount would be limited to NNPC stations and demanded clarity on the savings motorists would receive. He said the government had not guaranteed that commercial transport operators would reduce fares to reflect lower fuel costs.

Atiku maintained that production support tied to locally refined fuel, subject to spending limits and safeguards, would offer a more sustainable alternative.

“Nigerians need lasting relief, not a countdown to the return of hardship. Tinubu’s government cannot spend years telling Nigerians to endure, then offer 30 days of relief and call it a solution,” he said.

He restated his position on the cost of living, saying: “Tinubu made life expensive. I will make life affordable again.”

NDC calls petrol discount a ‘Greek gift’

The national leadership of the NDC described the policy as “tokenism” and a “Greek gift”, arguing that it would not adequately address the consequences of fuel subsidy removal.

In a statement issued by its National Publicity Secretary, Osa Director, the party said the government had introduced the initiative without sufficiently addressing the wider economic difficulties faced by households and businesses.

“This is nothing but tokenism and a Greek gift from a government that whimsically removed fuel subsidy without proper consideration, consultation, or cushions for Nigerians,” the statement said.

The party questioned the number of NNPC stations available to serve Nigeria’s population and warned that restricting the offer to designated outlets could create access difficulties.

It also challenged the government to explain how it intended to address job losses, business closures and other hardships it attributed to the subsidy removal.

The NDC accused the ruling All Progressives Congress (APC) of introducing the intervention for political reasons and urged Nigerians to support Peter Obi and other party candidates in the January 16, 2027 elections.

ADC campaign council alleges election-related motive

The ADC Presidential Campaign Council also rejected the 30-day petrol offer, describing it as an attempt to win public support ahead of the 2027 elections.

In a statement signed by its Director of Media and Publicity, Kola Ologbondiyan, the council accused the Tinubu administration of introducing temporary relief after subjecting Nigerians to prolonged economic hardship.

“After over three years of subjecting Nigerians to excruciating pain through the reckless removal of fuel subsidy, the collapse of the naira and suffocating economic policies, the Tinubu administration now thinks it can bribe Nigerians with 30 days of cheaper fuel,” the statement said.

The council added: “Nigerians will reject your one-month bribe.”

It questioned whether petrol prices would return to more than N1,400 per litre after the offer expired and argued that the initiative was insufficient to address the broader cost-of-living crisis.

The council further alleged that the intervention showed the government had the capacity to ease fuel costs but had failed to do so earlier.

“No one-month palliative can buy the conscience of Nigerians. Nigerians are not for sale. You cannot buy their future with 30 days of cheaper fuel,” it said.

Nigerians want issue-based 2027 campaigns

Amid the political debate, Nigerians who spoke to Vanguard called on presidential candidates to focus their campaigns on practical solutions to economic hardship, insecurity, unemployment and declining purchasing power.

Journalist Uche Ruth Ogbonnaya said candidates should address the cost of living and national security while demonstrating honest communication and a commitment to uniting the country. She also advocated judicial independence, INEC autonomy and the abolition of state governors’ security votes.

Entrepreneur Romoke Olisa said aspirants should provide clear implementation plans, funding strategies and measurable targets for proposed policies covering economic growth, electricity, healthcare, education and security.

Gbenga Komolafe, an entrepreneur, identified the oil industry as a major challenge and called for the rehabilitation of state-owned refineries. He also urged candidates to support the informal economy through improved access to credit, social protection and infrastructure.

Endurance Ibhadore and Francisca Ogar emphasised the need to tackle insecurity and reduce the costs of food, fuel and electricity, while communications expert Oputa David called for concrete policies to address economic hardship, unemployment and the country’s security challenges.

Their comments reflect broader demands for candidates to move beyond campaign promises and present workable strategies for improving living standards ahead of the 2027 presidential election.

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