The Yoruba Ronu Leadership Forum has challenged Finance Minister Taiwo Oyedele’s definition of petrol subsidy, arguing that the federal government’s 30-day petrol price cap raises questions about its economic policy.
In a press statement, the forum’s president, Akin Malaolu, said Oyedele’s explanation failed to account for the role of the Nigerian National Petroleum Company Limited (NNPC).
Oyedele had said subsidy occurs when the government pays part of the price consumers would otherwise pay. He added that the administration ended that system in 2023 and would not restore it.
However, Malaolu argued that the government could influence prices through its ownership of NNPC. He also said the company contributes to the federation accounts.
The forum described the price cap as a government intervention aimed at easing the cost of living. It also criticised President Bola Tinubu’s economic policies, which Malaolu linked to rising poverty and living costs.
Yoruba Ronu Forum Raises Concerns Over Living Costs
Malaolu said the forum had warned in 2023 that the administration’s economic policies could worsen conditions for Nigerians.
He cited rising education costs, food prices, energy bills and rents as examples of the economic pressure facing households.
According to the statement, a three-bedroom flat in Bode Thomas, Surulere, Lagos, costs about ₦7 million annually. It also put the annual rent for a two-bedroom flat in Abule Egba at ₦2.5 million.
The forum described these costs as evidence of the pressure on household finances. However, the statement did not provide data to support its claim that 140 million Nigerians had fallen below the poverty line.
Malaolu said the government should address the economic situation rather than rely on public messaging.
The statement comes amid debate over petrol pricing and the government’s approach to easing the effects of economic reforms.
The federal government’s 30-day price cap has also raised questions about how the measure differs from the petrol subsidy system that the Tinubu administration ended in 2023.
The Yoruba Ronu Leadership Forum called for attention to the country’s economic conditions, arguing that public communication alone cannot improve economic performance.
