A presidential aspirant under the National Rescue Movement, Faduri Joseph, has called for the full restoration of fuel subsidy in Nigeria, blaming the current economic hardship on poor leadership, corruption and the failure to fix the nation’s refineries.
Faduri, reacting to the emerging global energy crisis triggered by tensions involving Iran, Israel and the United States, said Nigeria should ordinarily be benefiting from rising global crude oil prices if its refineries were functioning.
According to him, the country’s continued dependence on refining crude oil abroad has worsened the impact of rising fuel prices on ordinary Nigerians.
“It is unfortunate that over the years we have not had good government. If we had leaders who fixed our refineries, the crisis in Iran today would have been an advantage for Nigeria because we would be refining our crude locally and making more money,” he said.
He noted that Nigeria currently exports crude oil for refining abroad and later imports refined products at higher prices, a situation he described as economically harmful.
Faduri also referenced the role of the Dangote Group refinery project, stating that although some local refining has begun, a significant portion of the country’s crude is still processed overseas.
“The ones refined abroad eventually return to Nigeria at higher prices, and Nigerians who know nothing about the global conflict end up paying the price,” he added.
On the issue of subsidy removal, Faduri criticized the decision taken by Bola Ahmed Tinubu’s administration in 2023, arguing that the policy was implemented without adequate safeguards.
“The government does not need a temporary subsidy. What Nigerians need is the full restoration of the fuel subsidy that was removed in 2023. Governments around the world support their citizens through subsidies,” he said.
He questioned the transparency surrounding the funds reportedly saved from the subsidy removal, saying Nigerians have not seen clear evidence of how the money has been utilized.
According to him, the absence of accountability has further eroded public trust in government institutions.
Faduri also criticized the country’s energy policy and leadership structure, alleging that many government appointments are based on political loyalty rather than competence.
He argued that Nigeria must learn from countries that implement measures such as fuel price caps, export controls and temporary subsidies during global energy crises.
“It is only governments that truly care about their citizens that take protective steps in difficult times. Unfortunately, we do not currently have such leadership,” he said.
On measures to cushion the current fuel price volatility, Faduri said the government should introduce policies to stabilize prices and reduce the burden on citizens, noting that petrol prices have surged significantly in parts of the country.
Looking ahead, he stressed that fixing Nigeria’s refineries remains the most critical long-term solution to the country’s energy vulnerability.
“Until our refineries are fully functional, we will continue to suffer the consequences of global oil price fluctuations,” he said.
Faduri further called for a shift from what he described as Nigeria’s “consuming economy” to a productive one, urging policies that encourage local manufacturing and investment.
He also advocated reforms to strengthen security, promote local production and reduce dependence on foreign goods and services.
“We must become a producing nation. From cars to basic items like toothpicks, we should encourage local production. Without security and serious economic reforms, Nigeria cannot compete in the global economy,” he added.
Faduri, who has declared interest in the 2027 presidential race, said Nigeria requires a “generational change in leadership” to address systemic corruption, economic instability and governance challenges.