Non-Academic Staff Union of Educational and Associated Instructions (NASU) has advised the Federal Government to halt the increasing petrol price and free fall of the nation’s currency to avert looming mass revolt.
President of NASU, Dr. Makolo Hassan, who gave the advice at the union’s National Executive Council, NEC, meeting in Abuja weekend, lamented that the escalating cost of fuel further drove up transportation and production costs, creating a ripple effect that worsened inflation.
He said: “Nigeria’s abundant crude oil, which should have been a blessing, has instead made the nation’s economy highly vulnerable to fluctuations in global oil prices.
“Rather than fostering sustainable growth, this over-dependence on oil has left the country exposed to external shocks, often resulting in economic instability.
“Despite years of discussions about diversifying the economy into sectors such as agriculture, manufacturing and technology, progress in this direction remained largely elusive.
“The much talked-about diversification remains a mirage, with insufficient investments and policies to meaningfully shift away from oil dependency, leaving Nigeria’s economy stuck in a cycle of boom and bust dictated by volatile global oil markets.
“Increases in the prices of petroleum products are significantly influenced by the non-functional state of government refineries, which has left the country heavily reliant on fuel imports, despite being a major oil producer.
“The lack of domestic refining capacity forces the government and marketers to import refined products at international prices, which are subject to fluctuations and market volatility.
“This situation has placed a heavy burden on the economy and consumers alike, as well as politicizing the petrol subsidy dispute.
“Dangote Refinery, which was anticipated to alleviate some of these challenges, faces complexities of navigating Nigeria’s regulatory and petroleum cabal landscape.
“Although it holds the promise of reducing dependency on imports and stabilizing prices in the long run, the combination of these challenges and the absence of functional government refineries continue to worsen the current high cost of petroleum, which increases have become a daily affair.
“The Nigerian National Petroleum Corporation Limited, NNPCL, has brought significant embarrassment to the nation by failing to revive and maintain the functionality of government-owned refineries, which remain largely non-operational, despite years of promises and investments.
“Instead of focusing on restoring these vital assets to reduce the country’s reliance on imported petroleum products, NNPCL has diverted its efforts toward positioning itself as a monopolistic player in the distribution of petrol from Dangote Refinery.
“We condemn this shift because NNPCL appears more concerned with controlling market share than fulfilling its core mandate of ensuring domestic refining capacity.
“Rising inflation in the country, coupled with the continuous devaluation of the naira and increasing petroleum product prices, has severely diminished the purchasing power of citizens, plunging the country into a cost of living crisis.
‘’As prices of basic goods and services soar, many Nigerians are struggling to afford daily necessities, aggravating financial hardships for households across the nation.
“The escalating cost of fuel further drives up transportation and production costs, creating a ripple effect that worsens inflation. This economic strain has deepened poverty levels and increased the pressure on a population already facing high unemployment and underemployment.”
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