Meanwhile,the Resource Centre for Human Rights and Civic Education (CHRICED),has condemned the ongoing  rise in petrol prices throughout the nation.

This latest increase represents yet another wave of hardship and distress for the Nigerian populace, who were confronted last week with yet another increase in the price of Premium Motor Spirit (PMS),Comrade Ibrahim M. Zikirullahi,Executive Director,Resource Centre for Human Rights and Civic Education,said in a statement.

The group maintained that,the implications of this increase are far-reaching, affecting not only transportation costs but also the prices of essential goods and services, thereby exacerbating the already dire economic situation faced by countless families across the country.

According to the statement,the approach taken by President Tinubu in implementing economic reforms, as influenced by the World Bank and IMF, is not only heartless but also reveals a profound insensitivity to the sufferings faced by many Nigerians.

These reforms,which seem to prioritize the interests of international financial institutions over the welfare of the citizens, have led to a significant erosion of the purchasing power of the average Nigerian,it said.

It also said that,the rising cost of living, coupled with stagnant wages, has created an environment of despair and frustration among the people, who are left to grapple with the harsh realities of their daily lives.

It added:”It has become evident that the All-Progressives Congress (APC) government, which claims to offer “renewed hope,” lacks a viable plan to rectify the economic turmoil that has been largely perpetuated by those currently in power. The promises of change and improvement ring hollow in the face of escalating prices and diminishing opportunities. The government’s failure to provide a clear and actionable roadmap for economic recovery has left many citizens feeling abandoned and disillusioned.

“The stark absence of a well-defined and coherent strategy to lift Nigeria from its present economic challenges is evident in the severe difficulties that are inflicting significant suffering on the citizens. As the cost of living continues to rise, many families are forced to make impossible choices between necessities such as food, healthcare, and education. Corruption and lack of effective governance and accountability has further compounded the situation, leading to widespread frustration and a growing sense of hopelessness among the populace.

“The current situation of petrol prices in Nigeria is indeed disheartening and raises significant concerns about the management of the country’s oil resources. The recent price adjustment reflects a staggering increase of over 430 percent in petrol prices within a mere 17 months of the Tinubu’s tenure, which began on May 29, 2023. This dramatic rise is particularly alarming for a nation that is one of the foremost oil producers globally, suggesting a profound disconnect between Nigeria’s vast oil wealth and the economic realities faced by its citizens.

“Moreover, it is troubling to note that despite the Nigerian National Petroleum Company (NNPC) investing billions of dollars in the rehabilitation of state-owned refineries over the past two decades, none of the four inactive refineries have managed to refine even a single barrel of oil.

“This failure raises serious questions about the effectiveness of the investments made and the overall strategy employed by the government in managing its oil infrastructure. The inability to bring these refineries back online not only exacerbates the fuel crisis but also highlights a systemic issue within the country’s oil sector.

“According to a report published in May 2023 by the Africa Oil + Gas Report, the Nigerian government allocated a staggering $25 billion for the turnaround maintenance of its four refineries from 2013 to 2023. This figure underscores the significant financial resources that have been directed toward a project that has yielded little to no results.

“In stark contrast, the Dangote Refinery, which is recognized as the largest single-train refinery in the world, was constructed over a seven-year period from 2017 to 2023 at a cost of $19 billion. This comparison highlights the inefficiency and ineffectiveness of NNPC and raises critical questions about the management and operational capabilities within the oil sector, from the President, who also serves as the Minister of Petroleum, down to the Group Managing Director of NNPC, Mele Kyari.

“The juxtaposition of these two scenarios—the staggering increase in petrol prices and the failure of state-owned refineries—paints a troubling picture of Nigeria’s oil industry. It suggests a need for urgent reforms and a reevaluation of the strategies employed by the government to ensure that the country’s oil wealth translates into tangible benefits for its citizens.

“The current trajectory is unsustainable and calls for a comprehensive approach to address the underlying issues plaguing the sector, including governance, accountability, and investment in infrastructure. Without such changes, the prospects for a more stable and prosperous future for Nigeria’s oil industry remain bleak.

“The significant financial resources allocated to turnaround maintenance in the oil sector have not produced any tangible results, leading to growing concerns regarding the allocation of funds generated from previous increases in petrol prices. This situation raises critical questions about the effectiveness and transparency of the current administration’s management of the oil sector.

“Specifically, what measures has the Tinubu administration put in place to combat corruption and theft within this vital industry? Furthermore, has there been any noticeable reduction in the cost of governance, which could potentially free up resources for more pressing needs?

“In addition to these concerns, it is imperative to inquire about the infrastructure projects that have been funded through the revenue generated from fuel price hikes. Are there roads, hospitals, or schools constructed or improved as a direct result of these increased revenues? The lack of visible improvements in public infrastructure raises further doubts about the government’s fiscal responsibility and commitment to the welfare of its citizens.

“Moreover, the economic conditions of the average citizen must be assessed. Has there been any improvement in their living standards since the Tinubu administration took office? The employment rate is another critical metric that warrants scrutiny; what has been the trend in job creation or loss since the administration’s inception? These inquiries are not merely academic; they demand urgent attention and action from the government.

“The widening gap between the living standards of political officeholders and the general populace is becoming increasingly pronounced, yet the government appears indifferent to the growing discontent among citizens. Instead of addressing the myriad economic challenges that have arisen, the administration has opted for superficial solutions, such as rice palliatives, which have only exacerbated issues of corruption and mismanagement.

“In light of these pressing concerns, CHRICED urges the government to take immediate and effective action to tackle the fundamental causes of the current economic crisis. It is essential for the government and oil stakeholders to place the needs and well-being of the populace above external pressures and the interests of a select political elite. There is an urgent requirement for a thorough and inclusive economic strategy that truly seeks to mitigate the difficulties experienced by Nigerians.

“The era of empty promises and superficial reforms must come to an end. What is now required is a steadfast commitment to meaningful change that will restore hope and dignity to the lives of the people. The government must take decisive action to bridge the gap between the privileged few and the struggling masses, ensuring that the benefits of economic policies are equitably distributed and that the voices of the citizens are heard and respected. Only through such a commitment can the administration hope to regain the trust of the populace and foster a sense of belonging”.