The Non-Academic Staff Union of Educational and Associated Institutions (NASU) has called on the Federal Government to take immediate action to curb the soaring petrol prices and the alarming decline of the nation’s currency. During the union’s National Executive Council meeting in Abuja, President Dr. Makolo Hassan warned that without intervention, the country could face widespread unrest.
Dr. Hassan highlighted that the rising cost of fuel has led to increased transportation and production expenses, exacerbating inflation across the board. He noted that Nigeria’s vast crude oil resources, instead of being a boon, have made the economy susceptible to global oil price fluctuations. “Our reliance on oil has left us vulnerable to external shocks, creating cycles of economic instability,” he stated.
Despite ongoing discussions about diversifying the economy through agriculture, manufacturing, and technology, progress has remained minimal. Dr. Hassan lamented that the promised diversification remains elusive, hindered by a lack of investment and effective policies, which have kept Nigeria tied to the volatile oil market.
He pointed out that the rise in petroleum prices is closely linked to the ineffective state of government refineries, forcing the country to rely on fuel imports despite being a major oil producer. This dependence on imports subjects the economy to global market volatility, further burdening consumers and politicizing the petrol subsidy debate.
Dr. Hassan also referenced the Dangote Refinery, which was expected to ease these issues but faces challenges due to Nigeria’s regulatory landscape. He expressed concern that while the refinery could potentially reduce import dependency and stabilize prices, the lack of functional government refineries continues to drive costs up.
The Nigerian National Petroleum Corporation Limited (NNPCL) was criticized for failing to revive and maintain state-owned refineries, which remain largely non-operational despite promises and investments. Instead of focusing on restoring these crucial facilities, the NNPCL appears more interested in controlling market share from the Dangote Refinery, further deepening public frustration over the country’s energy crisis.
Dr. Hassan warned that the ongoing inflation and currency devaluation are eroding citizens’ purchasing power, plunging many into a cost-of-living crisis. As basic goods and services become increasingly unaffordable, the financial strain on households is intensifying, particularly amid high unemployment and underemployment rates. He called on the government to take decisive action to address these critical issues and restore stability to the economy.
Written By; Christopher Emuakpeje