“We Are Going to Try”: Tinubu, Okonjo-Iweala Brainstorm Solutions as N700 per Litre Petrol Price Looms

“We Are Going to Try”: Tinubu, Okonjo-Iweala Brainstorm Solutions as N700 per Litre Petrol Price Looms

  • President Bola Ahmed Tinubu sat with Ngozi Okonjo-Iweala to discuss some of the challenges Nigerians are facing
  • One of the subjects of discussion was the impact of the rising price of petrol across the country on Nigerians' standard of living
  • The brainstorming session comes amid projections that global crude oil prices are set to increase again, pushing the petrol price nearer to N700 per litre

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Ngozi Okonjo-Iweala, the director-general of the World Trade Organisation, is on a private visit to Nigeria and decided to meet with President Bola Tinubu on Tuesday, August 8, 2023.

The meeting at the presidential villa had the impact of removing the petrol subsidy on Nigerians as the central focus of discussion.

President Tinubu, Okonjo-Iweala
Tinubu and Okonjo-Iweala discuss Nigerians' challenges since the subsidy removal. Photo credit: @NOIweala, @presidency
Source: Facebook

Okonjo-Iweala later told journalists that throughout the conversation, various solutions were proposed to mitigate the situations causing a rise in the cost of living, Reuters reports.

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She also revealed that there were discussions around community programs like creating jobs for young people and women.

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Her words:

"We are already working in Nigeria with women in particular, who own small and medium enterprises, to help them upgrade the quality of their products, whether in agricultural, textiles or in other areas, to sell more internationally.
"We are going to try to do the most we can to support Nigerians at this particular time."

Fuel subsidy

You will recall that President Tinubu announced the removal of the petrol subsidy and the floating of the naira. Despite the criticism from Nigerians due to the rising cost of living, Tinubu strongly believes that the reforms are necessary to save the country's future.

Petrol prices to increase

Meanwhile, in an earlier report, Legit.ng revealed that the ongoing Russian invasion of Ukraine and the production output cuts by Saudi Arabia have resulted in rising crude oil prices.

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500, 000 bakers to shut down operations, workers lose jobs over inflation, high cost of materials

With the removal of the petrol subsidy, pump prices in the country are now highly vulnerable to developments in the global oil community.

It is anticipated that an increase in crude oil prices could lead to higher costs for importing petrol into the country, prompting marketers to pass on the increased costs to Nigerians.

This could result in pump prices rising to as high as N700 per litre.

Nationwide protest: NLC exposes FG over claim of saving N1trn on subsidy removal

The Nigeria Labour Congress (NLC) has refuted President Bola Tinubu's claim that over N1 trillion has been saved since his government stopped paying for fuel subsidy.

Speaking during the ongoing nationwide protest of organised labour, Comrade Joe Ajaero, the NLC president, said the Federal Government's committee to negotiate with the unions revealed that no money was saved since the subsidy was removed.

Source: Legit.ng

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