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A civil society group, Transparency Advocacy for Development Initiatives (TADI), has demanded urgent reforms in Nigeria’s oil sector, citing the prolonged fuel price crisis and the government’s inability to resolve it. The group’s call comes as Nigerians grapple with rising costs of living, driven by relentless fuel shortages and skyrocketing pump prices.
In a press briefing in Abuja, TADI’s Programs, Research, and Public Relations Officer, Adeniran Taiwo, outlined the devastating impact of the crisis. He revealed that Nigeria’s inflation rate had surged to 24.5%, while fuel prices have risen by over 150% as of September 2024. Taiwo described the strain this has placed on households and businesses, further deepening economic hardship across the nation.
TADI pointed to a $6.8 billion debt owed to petrol suppliers as one of the main contributors to the crisis. According to the group, this unresolved debt has exacerbated fuel shortages and inflated prices at the pump. “Nigerians have been deceived for too long, exacerbating the fuel crisis, driving the country deeper into debt, and allowing corruption to thrive,” Taiwo remarked.
The organization also criticized the repeated failure to rehabilitate Nigeria’s refineries, with promised deadlines continuously being postponed. TADI is demanding a full public audit of the funds allocated for refinery rehabilitation and a transparent investigation into the misuse of these resources.
In response to the ongoing crisis, TADI announced plans for a mass protest scheduled from October 17-18. The protest aims to push for radical changes in Nigeria’s oil sector and broader economic reforms. “The time for deception is over—Nigerians demand accountability and real leadership now!” Taiwo declared, adding that the government’s failure to address the fuel crisis has eroded public confidence and worsened the country’s economic challenges.
TADI’s proposed reforms target the structural inefficiencies within Nigeria’s energy sector and seek to bring relief to citizens affected by rising fuel costs and inflation. As of now, the federal government has yet to respond to the group’s demands.
“We will no longer tolerate broken promises, gross mismanagement, and systemic corruption,” Taiwo concluded, urging the government to take immediate action to resolve the crisis.
