The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to intervene in the recent hike of premium motor spirit (PMS), also known as petrol, and order the Nigerian National Petroleum Company Limited (NNPCL) to reverse the increase. SERAP described the price hike as unconstitutional and urged the President to prioritize the welfare of Nigerians.
In an open letter dated September 7, 2024, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the group also called for an investigation into alleged corruption within NNPCL. They urged Tinubu to direct the Attorney General of the Federation, Mr. Lateef Fagbemi, and other anti-corruption bodies to investigate the $300 million bailout fund received by NNPCL in August 2024, as well as the $6 billion debt owed to suppliers.
SERAP highlighted that corruption in the oil sector has led to repeated increases in petrol prices, which continue to impose economic hardships on Nigerians. The group stated that the government’s actions appear to punish the poor, rather than address long-standing issues of poverty and inequality.
Meanwhile, the Ijaw Youth Council (IYC) reacted strongly to the price hike, calling for the immediate removal of NNPCL’s Group Chief Executive Officer, Mele Kyari, and Minister of State for Petroleum Resources, Heineken Lokpobiri. The IYC president, Dr. Theophilus Alaye, accused the two officials of politicizing the oil and gas sector, exacerbating economic hardships, especially in oil-producing regions like the Niger Delta.
Alaye also criticized their failure to ensure transparency and effective management of the country’s oil resources, leading to inflated fuel prices, product scarcity, and a strained national economy.
In a tragic development, no fewer than 48 people were confirmed dead following a petrol tanker explosion along the Lapai-Agaie road in Niger State. Governor Mohammed Bago described the incident as a colossal loss, while Labour Party presidential candidate Peter Obi expressed deep sadness over the incident.
