President Bola Tinubu has thrown up his hands over the soaring cost of petrol, declaring that Nigeria has no power to tame the raging global crude oil market — but has a homegrown weapon: gas.
With pump price now hitting N1,800 per litre as crude spiked to over $104 from $72 in February following Middle East hostilities, the President said the Federal Government will double down on its gas-driven escape route to crash transport fares from October 1.
FG Rules Out Subsidy Return, Says PIA Ties Its Hands
In a dramatic push for relief, Tinubu ruled out any return to what he called the “ruinous petrol subsidy regime that consumed trillions.”
Backing him, the NMDPRA said it is powerless to fix prices. The agency insisted Section 205 of the Petroleum Industry Act mandates free-market pricing and only allows intervention when market failure is formally declared — which has not happened.
“Nigeria cannot control events in global energy markets. But as a gas-rich nation, we can reduce our exposure,” Tinubu declared.
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CNG Revolution Already Saving Millions
The President said the gamble on gas is already paying off. Over 120,000 vehicles have been converted to Compressed Natural Gas, with 400 certified conversion centres and 90 refuelling stations now operational nationwide.
He reeled out staggering savings: In Borno, commuters pay N50-N100 on routes that cost N300-N600. In Kaduna, 100 free CNG buses moved 3.2 million passengers, saving N3.5 billion. Lagos-Ibadan fare crashed from N8,000 to N3,200, while Enugu-Nsukka dropped from N2,500 to N1,500. On Abuja routes, NURTW-backed CNG buses slashed fares by 40% — Gwagwalada from N1,500 to N900.
October 1 Showdown For Cheaper Fares
Tinubu said he met 36 governors on August 27 and set up an implementation committee chaired by Kwara Governor AbdulRahman AbdulRazaq to deliver measurable fare reductions from October 1.
He charged states to work with transport unions, expand conversions, and ensure “savings from cheaper energy reach Nigerian citizens.”
“Nigeria has the gas. We are building the infrastructure. Now we must move faster so that more Nigerians feel those savings,” he said.
