Dada Olusegun, Special Assistant to President Bola Tinubu on Social Media, has criticised Labour Party’s 2023 presidential candidate, Peter Obi, over his comments on the recent increase in fuel prices in Nigeria.
Olusegun made the remarks in a post on X on Saturday, responding to a statement issued by Obi on Thursday in which the former Anambra State governor attributed the country’s vulnerability to global oil price shocks to the absence of a strategic petroleum reserve and poor government planning.
The exchange comes amid rising fuel prices in Nigeria, which Obi linked to global oil market tensions involving Iran and their effect on international crude prices.
What the presidential aide is saying
Olusegun dismissed Obi’s explanation for the rising fuel prices, arguing that the key driver is the deregulation of Nigeria’s fuel market following the removal of fuel subsidy.
Olusegun also argued that strategic petroleum reserves are not typically used to control routine pump price movements in global energy markets.
In his earlier statement, Obi had highlighted the recent increase in domestic fuel prices and attributed the development to Nigeria’s lack of buffers against global supply disruptions.
Obi also stated that countries that engage in strategic planning typically create buffers against economic shocks, while those that fail to plan remain vulnerable.
Olusegun countered that even countries with large strategic petroleum reserves do not deploy them regularly to influence market prices.
Nairametrics earlier reported that residents of the Federal Capital Territory (FCT) have raised concerns over rising transport fares following the recent increase in the pump price of petrol across the country.
Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said fluctuations in fuel pump prices are a direct result of market dynamics under Nigeria’s deregulated downstream petroleum sector.