The President of the National Association of Academic Technologists (NASU), Dr. Makolo Hassan, has called on the Federal Government to take urgent measures to halt the increasing petrol prices and the free fall of the nation’s currency in order to avert a looming mass revolt. This advice was given during the union’s National Executive Council (NEC) meeting held in Abuja over the weekend.
Dr. Hassan lamented that the escalating cost of fuel has further driven up transportation and production costs, creating a ripple effect that exacerbates inflation. He 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 pointed out that rather than fostering sustainable growth, the country’s over-dependence on oil has left it exposed to external shocks, resulting in economic instability. Despite years of discussions about diversifying the economy into sectors such as agriculture, manufacturing, and technology, Dr. Hassan noted that progress in this direction has remained largely elusive.
“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 explained.
He further emphasized that increases in the prices of petroleum products are significantly influenced by the non-functional state of government refineries, which has resulted in the country being heavily reliant on fuel imports, despite being a major oil producer.
“The lack of domestic refining capacity forces the government and marketers to import refined products at international prices, which are subject to fluctuations and market volatility,” Dr. Hassan said. He concluded by stressing that this situation has placed a heavy burden on the economy and consumers alike, while also politicizing the petrol subsidy dispute.