Tinubu’s Aide Fires Back At Peter Obi Over Fuel Price Remarks

A media aide to Bola Ahmed Tinubu has criticised comments made by the 2023 presidential candidate of the Labour Party Nigeria, Peter Obi, over the recent rise in fuel prices across the country.

According to reports monitored by Ireporter Online, the Special Assistant to the President on Social Media, Dada Olusegun, described Obi’s remarks as misleading and advised the former governor of Anambra State to refrain from commenting on issues he allegedly does not fully understand.

Olusegun made the remarks in a post shared on X (Twitter) on Saturday while reacting to an earlier statement by Obi in which the former governor blamed Nigeria’s exposure to global oil price shocks on the absence of a strategic petroleum reserve and what he described as poor economic planning.

Obi had earlier observed that the price of petrol had risen significantly in recent weeks, noting that a litre of the product which previously sold for less than ₦1,000 had climbed to above ₦1,200, while diesel had increased from under ₦1,000 to more than ₦1,500 per litre. He attributed the increase partly to geopolitical tensions involving Iran and the resulting pressure on global oil prices.

The former Anambra governor argued that many countries maintain strategic petroleum reserves to shield their economies from sudden disruptions in global oil supply or price fluctuations. According to him, such reserves allow governments to release stored products into the market during crises to stabilise supply and reduce economic shocks, a buffer he said Nigeria currently lacks.

Obi maintained that the situation reflects inadequate planning, stressing that countries that prepare for potential economic shocks are often better positioned to manage them. He warned that failure to plan effectively leaves economies vulnerable to global market volatility.

Responding to the comments, Olusegun dismissed the argument, insisting that the immediate reason for rising fuel prices in Nigeria is the deregulation of the downstream petroleum sector following the removal of fuel subsidy by the Tinubu administration.

He explained that in a deregulated market, the price of petrol naturally responds to global factors such as international crude oil prices, exchange rate fluctuations, shipping costs and supply risks. According to him, any geopolitical tension capable of pushing global oil prices upward will inevitably affect countries like Nigeria that depend heavily on imported refined petroleum products.

Olusegun also challenged Obi’s characterisation of strategic petroleum reserves, noting that such reserves are typically maintained for emergency situations such as wars, embargoes or major supply disruptions rather than for routine price control in everyday market conditions.

He further acknowledged that Nigeria’s energy sector has long faced structural challenges, particularly the country’s limited domestic refining capacity and heavy reliance on imported refined products despite being a major crude oil producer. According to him, these long-standing issues, combined with pressures on foreign exchange, have historically exposed Nigeria to fluctuations in global energy markets.

The presidential aide went on to criticise Obi for what he described as an oversimplification of a complex global economic issue, arguing that someone who had previously served as a governor should better appreciate the multiple factors influencing energy pricing.

Olusegun also reminded the former presidential candidate that during the 2023 election campaign he had publicly supported the removal of fuel subsidy if elected, adding that the current market realities are a direct consequence of the same policy framework.

He concluded by advising Obi to exercise caution when making public statements on national economic matters, suggesting that restraint may sometimes be more appropriate than making remarks that could misrepresent the complexities of the global energy market.