News Update

Senior Special Assistant to President Bola Ahmed Tinubu on Public Affairs, Aliyu Audu, has explained why the President was silent on petrol prices during his address on Nigeria’s Independence Day.

Audu said that Tinubu is focused on deregulating the oil and gas sector, which means allowing more freedom in the market.

In an interview with Channels Television, Audu mentioned that the President wants to provide alternatives to petrol, like Compressed Natural Gas (CNG), to help ease the economic struggles people are facing.

Despite an agreement with Dangote Refinery to trade crude oil for Naira, he indicated that reductions in petrol prices are unlikely.

Audu said Tinubu is commited to improving the petroleum industry and mentioned ongoing efforts to lessen the financial pressure on Nigerians.

“It shows commitment on the part of Mr President Tinubu in terms of deregulating the Petroleum sector.

“He did mention alternatives that could give succor to our economy, especially when it comes to the cost of living, food and the Compressed Natural Gas Initiative.

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“It doesn’t look like even with the Naira-for-crude scheme the price of Petrol will come down a whole lot.

“Even though that is what Nigerians want to hear, the reality is that we have to seek opportunities to power our vehicles. That is why the government is keen on the CNG initiative,” he said.

Currently, petrol prices range from N950 to N1,300, and the costs of goods and services have risen sharply, leading to inflation rates of 32.15% and 37.52% for overall and food prices, respectively, in August 2024.

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