• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Business

President Tinubu on increasing petrol prices, ‘FG may intervene’

Chike Olisah by Chike Olisah
July 31, 2023
in Business, Business News
President Bola Tinubu, 2023 Budget

President Bola Tinubus (Image credit: The president’s Twitter account)

Share on FacebookShare on TwitterShare on Linkedin

President Bola Tinubu has said that his government is monitoring the effects of exchange rates and inflation on the prices of Premium Motor Spirit (PMS) otherwise known as petrol and will intervene when necessary.

This follows the economic challenges faced by Nigerians since the removal of fuel subsidy and unification of exchange rates by the 2-month-old Tinubu administration which has seen the prices of goods and services skyrocket.

The President gave the assurance during a nationwide address on Monday evening where he spoke about the economy and the impact of fuel subsidy removal as well as exchange rate unification.

RelatedStories

NLC controls less than 9% of Nigeria’s working population – Tope Fasua 

Nigeria to IMF: Stop the overreaction – Tinubu’s adviser defends economic policies  

July 8, 2025
AAM2025: Tinubu calls for PAPSS payment system embracement across Africa for financial integration 

President Tinubu to address BRICS Summit on Nigeria’s economic reforms and investment drive 

July 5, 2025

What the President is saying

President Tinubu in his speech said,

  • “We are also monitoring the effects of exchange rates and inflation on gasoline prices. If and when necessary, we will intervene.
  • ”I assure you, my fellow countrymen and women, that we are exiting the darkness to enter a new and glorious dawn. Now, I must get back to work in order to make this vision come true.’’

He disclosed that petrol subsidy has cost Nigeria trillions of naira yearly which could have been better spent on public transportation, healthcare, schools, housing and even national security, adding that instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals.

The president also stated that the multiple exchange rate system which had been established became nothing but a highway of currency speculation, adding that money that should have been used to create jobs, build factories and businesses for millions of people, was diverted.

What you should know

  • Recall that President Bola Tinubu during his inaugural speech on May 29, 2023, announced that fuel subsidy is gone as there was no provision for that in the 2023 budget from July 1.
  • Following his pronouncement, petrol which was selling below N200 jumped to over N500 and has since increased to N570 in Lagos and over N617 in some other parts of the country.
  • The President pledged his administration’s support to channel the money to provide basic infrastructural needs to Nigerians.
  • The action of the president was been backed by some stakeholders and interest groups including state governors, legislators, oil marketers, and economic and financial experts, among several others.
  • However, this did not go that well with organized labour due to the spike in the pump price of petrol, leading to a declaration of a planned strike action and protest by the NLC and TUC.
  • The strike was however suspended on the backdrop of the judgment of the Industrial Court which restrained them from going ahead with the strike as well as the outcome of the meeting between the leadership of the organized labour and representatives of the Federal Government.
  • The Federal Government and organized labour had in June set an 8-week deadline for fuel subsidy removal palliative.
  • The President had also during his inaugural speech promised to put an end to multiple exchange rates by unifying the exchange rate.
  • That promise was fulfilled when the Central Bank of Nigeria (CBN) on June 14 announced the unification of all segments of the forex exchange (FX) market.

Follow us for Breaking News and Market Intelligence.
Tags: Premium Motor Spirit (PMS)President Bola Tinubu
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

NLC controls less than 9% of Nigeria’s working population – Tope Fasua 
Economy

Nigeria to IMF: Stop the overreaction – Tinubu’s adviser defends economic policies  

July 8, 2025
AAM2025: Tinubu calls for PAPSS payment system embracement across Africa for financial integration 
Economy

President Tinubu to address BRICS Summit on Nigeria’s economic reforms and investment drive 

July 5, 2025
AAM2025: Tinubu calls for PAPSS payment system embracement across Africa for financial integration 
Education

Scholarship programme for Caribbean students to study in Nigeria to begin next academic year- Tinubu 

June 30, 2025
President Tinubu must keep his campaign promise on Nigerian Crypto Industry
Economy

President Tinubu to sign four Tax Reform Bills into law on Thursday

June 25, 2025
Under Tinubu, a blueprint for Nigeria’s consumer credit economy is quietly unfolding 
Business News

‘The era of pit to port must end’ – Tinubu tells West African leaders at WAES2025 

June 21, 2025
Tinubu commissions 37km Lekki Deep Seaport Access Road section built by Dangote 
Business News

Tinubu lauds Dangote refinery, says it’s “a great phenomenon of our time” in Nigeria 

June 6, 2025
Next Post
NUATE, NLC, ANAP

Labour Strike: Aviation, Railway Unions Direct members to join Wednesday strike

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • Weekly Market Wrap: All-Share Index jumps 2.18% as all sectors advance; Industrial Goods leads the pack 
  • Africa’s commodity exports drop by 5.6% amid oil price slump in Nigeria, Angola, others – UNCTAD 
  • Fitch affirms Kogi, Oyo’s credit outlook as Stable, flags overreliance on federal allocations 

Follow us on social media:

Recent News

Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

Weekly Market Wrap: All-Share Index jumps 2.18% as all sectors advance; Industrial Goods leads the pack 

July 27, 2025
India to Become Nigeria’s Largest Export Corridor by 2030_ Report

Africa’s commodity exports drop by 5.6% amid oil price slump in Nigeria, Angola, others – UNCTAD 

July 27, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics