The National Parent Teacher Association of Nigeria (NAPTAN) has made a passionate appeal to President Bola Tinubu to take immediate measures in preventing the escalating petrol prices from spiraling out of control.
This plea comes as the nation grapples with the potential economic repercussions of rising fuel costs.
Mr. Adeolu Ogunbanjo, the National Deputy President of NAPTAN, conveyed the association’s concerns during a press briefing following an emergency meeting held on Monday in Lagos.
Citing the adverse effects of the exchange rate and inflation on gasoline prices, Ogunbanjo expressed his organization’s growing unease over the potential implications of unchecked fuel price hikes on the broader society.
President Tinubu had addressed the nation in a broadcast last month, acknowledging the government’s vigilance in monitoring the impacts of exchange rate fluctuations and inflation on fuel prices. He assured citizens that appropriate measures would be taken if deemed necessary to maintain economic stability.
However, a potential storm looms as oil marketers predict a looming price increase due to the depreciation of the naira against the dollar.
According to these industry players, the ongoing surge in the dollar’s value relative to the naira within the foreign exchange market is inextricably linked to the ever-climbing cost of fuel within the country.
In a bid to alleviate the impending burden on the Nigerian populace, Mr. Ogunbanjo is fervently appealing to President Tinubu to offer a concessionary rate on the dollar to petroleum importers. This proposed solution aims to foster an environment where the existing fuel prices can be maintained, ultimately averting the further financial strain on the citizens.
While acknowledging the necessity of removing petroleum subsidies, Ogunbanjo suggests that the simultaneous unification of the naira and the removal of subsidies have inadvertently exacerbated economic hardships. He emphasizes the symbiotic relationship between the naira’s performance and fuel imports, urging the president to consider the dire implications these developments hold for everyday Nigerians.
“The removal of the petroleum subsidy we agree, align with it. However, unifying the naira at the same time is what is causing the hardship because anytime the dollar rises, fuel imports rise.
“It is upon this development that we are pleading and seeking for the intervention of our dear president to consider a concessionary rate for fuel importers.
“About 60 per cent are parents; September is around the corner, when school fees will be paid, so the Nigerian parents are crying, begging and kneeling for Mr President to hear us.
“He should do everything possible to stabilise the fuel price and make the current pump price not higher than what we are buying now, as anything contrary will increase hardship,” he added.
