The Minister of Information, Mohammed Idris, has defended the Nigerian National Petroleum Company Limited’s (NNPC) 30-day petrol low cost initiative, saying it’s meant to present non permanent reduction to Nigerians amid rising international power prices.
Mr Idris mentioned the choice did not signify a return to gas subsidy, explaining that the NNPC had opted to forgo a few of its earnings to cushion the affect of upper petrol costs on customers.
“The NNPC has looked at it and said we are making this much profit. Why can’t we forgo some of the profit that we are making, so that Nigerians will have some form of cushioning?” he mentioned.
The minister made this level throughout a media chat with senior editors and journalists on Monday, the place he highlighted the federal government’s financial reforms and their affect on key indicators.
The NNPC’s low cost has attracted criticism from opposition politicians, labour leaders and different stakeholders, who’ve questioned its length, attain and potential affect on households battling the price of residing.
Former Vice President Atiku Abubakar has criticised the initiative, describing it as a politically motivated measure that may supply solely non permanent reduction forward of the 2027 normal elections.
Atiku additionally questioned the choice to make NNPC Limited bear the price of the low cost, asking whether or not the corporate’s board accepted the association and the way the monetary implications can be mirrored in its accounts.
He questioned the federal government’s dealing with of the state-owned oil firm, which operates as a business entity below the Petroleum Industry Act.
He additionally challenged the federal government to clarify the price of the low cost and the way it will profit motorists outdoors the NNPC retail community, which is lower than half of the full filling stations throughout the nation.
The president of the Trade Union Congress, Festus Osifo, and Social Democratic Party presidential candidate Adewole Adeboye have additionally questioned the coverage. The TUC’s considerations embody its implementation and whether or not the association quantities to a type of subsidy regardless of the federal government’s place.
In his remarks, the minister acknowledged the strain of rising power prices on households and companies, including that the federal authorities remained dedicated to increasing entry to inexpensive power options and strengthening home manufacturing.
Mr Idris mentioned rising power prices had been a world problem, with governments adopting completely different approaches to defend their economies and cushion the affect on residents.
He mentioned President Bola Tinubu remained dedicated to financial reforms whereas prioritising the welfare of Nigerians.
“Our approach is to consolidate the gains of these reforms, expand affordable energy alternatives, strengthen domestic production and create the conditions for sustainable reductions in the cost of living,” he mentioned.
According to the minister, the administration is working to make sure that the advantages of financial restoration translate into higher affordability, improved buying energy and higher residing circumstances.
Reforms
Mr Idris mentioned the achievements of the Renewed Hope Agenda over the past three years had been evident throughout the eight presidential precedence areas, together with financial progress, nationwide safety, agriculture, power, infrastructure, schooling, healthcare, industrialisation and governance.
He mentioned the administration’s financial reforms had been restoring stability and confidence, whereas investments in infrastructure had been opening new alternatives and agricultural initiatives had been strengthening meals manufacturing.
He added that safety operations had been addressing threats to lives and livelihoods, whereas investments in schooling and healthcare had been increasing entry to important providers.
The minister mentioned the federal government meant to consolidate these positive factors and make sure that the advantages of its reforms reached extra Nigerians.
“There is certainly more work to be done, but there is equally substantial progress to build upon,” he mentioned.
Oil manufacturing, exports
Mr Idris mentioned the decline in oil theft and a big enhance in crude oil manufacturing had boosted income for the federal, state and native governments.
He additionally mentioned Nigeria earned greater than $6 billion from non-oil exports in 2025, describing it as the best quantity within the nation’s historical past.
According to him, the earnings supported companies in agriculture, mining, petrochemicals, manufacturing, processing and logistics.
He added that the overseas trade market had stabilised, permitting companies and buyers to plan with higher confidence.
READ ALSO: NNPC petrol discount is not fuel subsidy — Finance minister
Mr Idris mentioned the federal government’s subsequent process was to make sure that the positive factors from the financial restoration reached extra households and improved their buying energy.
He mentioned the federal government welcomed scrutiny from journalists however urged them to present context when reporting the financial difficulties Nigerians face, alongside the federal government’s reported achievements and the challenges that stay.
“Finally, my dear colleagues, we are not asking you to stop scrutinising the government. Your scrutiny makes us better. What I ask for is clarity and context: that the pressures Nigerians feel are reported alongside their causes, the progress being made and the work that remains,” he mentioned.
“Our shared interest is an informed public and a stronger Nigeria.”
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