The Non-Academic Staff Union of Educational and Associated Institutions (NASU) has urged the Federal Government to take immediate action to halt the escalating petrol prices and the rapid depreciation of the nation’s currency, warning that these issues could lead to mass unrest.
Dr. Makolo Hassan, the President of NASU, expressed these concerns during the union’s National Executive Council (NEC) meeting held in Abuja over the weekend. He highlighted that the rising cost of fuel has driven up transportation and production expenses, exacerbating inflation across the country.
Dr. Hassan stated, “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.” He criticized the over-dependence on oil, asserting that it has prevented sustainable economic growth and left the nation exposed to external shocks, resulting in persistent economic instability.
Despite years of discussions aimed at diversifying the economy into sectors such as agriculture, manufacturing, and technology, Dr. Hassan lamented the lack of meaningful progress. He remarked, “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.”
He further pointed out that the continuous increase in petroleum product prices is heavily influenced by the non-functional state of government refineries. This reliance on fuel imports, despite being a major oil producer, has led to significant burdens on both the economy and consumers. The current situation has politicized the ongoing petrol subsidy debate, complicating efforts to find sustainable solutions.
Dr. Hassan mentioned the Dangote Refinery, which was expected to alleviate some of these challenges but faces complexities related to Nigeria’s regulatory environment and the petroleum industry’s entrenched interests. He called for urgent governmental intervention to stabilize the economy and prevent a potential crisis.