Fuel Price Debate: Presidency Fires Back at Obi, Says Strategic Reserve Not the Answer
The Presidency has pushed back against comments by former presidential candidate Peter Obi over rising fuel prices, insisting that creating a strategic petroleum reserve would not solve the country’s current challenges.
Officials speaking on behalf of President Bola Ahmed Tinubu argued that Nigeria’s fuel pricing issues stem from deeper structural and market realities rather than the absence of a strategic reserve.
According to the Presidency, while the idea of a strategic fuel reserve may appear attractive, it would not address the underlying economic dynamics affecting petroleum supply and pricing in Nigeria.
The response comes after Obi criticised the Federal Government’s handling of fuel price increases and suggested that a national strategic reserve could help cushion the impact of supply disruptions.
However, government officials maintained that the current administration is focusing on long-term solutions, including boosting local refining capacity and strengthening the downstream petroleum sector.
Analysts say the exchange highlights the growing political debate over economic policies as stakeholders continue to assess the impact of fuel price fluctuations on Nigerians.
Source: Watchtower Media