How We Got to Lower Oil Prices in 30 Days – FG

…He says the NNNPCL is fully involved

Following the backlash that greeted the reduction in petrol prices for 30 days at outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd.), the Federal Government on Monday provided some insight into how the decision was arrived at, saying it was primarily taken by the NNPCL primarily as part of the nation’s 66th anniversary of independence.
The government further clarified that this in no way signifies a reversal of its policy on eliminating fuel subsidies, but rather an intention to provide temporary relief to Nigerians in the context of rising international energy costs.
Minister of Information and National Orientation Mohammed Idris made this clarification in Abuja during an interactive media briefing with senior editors and television hosts, where he defended the government’s economic reforms and outlined measures aimed at cushioning the effects of the rising cost of living.
The minister assured Nigerians that the administration of President Bola Ahmed Tinubu remains committed to improving living conditions, supporting economic recovery and ensuring that the benefits of ongoing reforms reach families across the country.
Explaining the rationale behind the NNPC initiative, Idris said the national oil company decided to give up part of its profits to cushion the impact of rising petrol prices on consumers.
“The NNPC looked at the situation and said, ‘Okay, we’re making so much profit. Why can’t we give up some of the profit we’re making, so that Nigerians have some form of cushion?'” he said.
The minister acknowledged the economic pressures facing families, stressing that the government’s reform agenda must translate into tangible improvements in the lives of Nigerian citizens.
He cited falling inflation, stronger external reserves and rising non-oil export earnings as indicators of economic progress, while acknowledging the need to ensure the gains are better felt by citizens.
“Our task now is to ensure that this clear macroeconomic recovery is felt even more widely in the lives and families of Nigerians,” Idris said.
Regarding labor relations and the rising cost of living, the minister expressed optimism that the federal government and organized labor will resolve outstanding issues through dialogue.
He also recalled President Tinubu’s position that minimum wage agreements could be reviewed every three years instead of every five years.
Addressing the financial autonomy of local government, Idris reaffirmed the administration’s commitment to its implementation, explaining that consultations are ongoing with relevant stakeholders to address practical challenges and ensure that the system becomes effectively operational.
On food security, the minister highlighted the government’s efforts to increase domestic agricultural production and strengthen strategic food reserves to improve food availability and affordability.
He also urged traders to refrain from hoarding food products or engaging in practices that create artificial scarcity, stressing that cooperation between the government and the private sector is necessary to ease the burden on consumers.
“The government can create these tools for Nigerians to get help, but ultimately it is also up to Nigerians to support what the government is doing,” he said.
Idris also defended the federal government’s ongoing road projects, arguing they were intended to improve connectivity, facilitate trade, support agricultural production and create economic corridors for businesses.
He rejected suggestions from some quarters that the projects were driven by electoral considerations, saying infrastructure development was necessary to connect cities and expand economic opportunities.
“No one is fixing the roads just because there are elections. We are fixing the roads so that Nigerians can have access to these roads, so that they can connect cities, create these economic corridors for businesses to thrive,” he said.
Regarding national security, the minister highlighted the expansion of military operational structures from eight to 12 divisions, along with improved support for security personnel.
While acknowledging that significant security challenges remain, he reiterated the Government’s commitment to strengthening the country’s security architecture and protecting lives and property.
Responding to concerns about press freedom and reports of arrests of citizens expressing political views, Idris said he was not aware of any directive from President Tinubu authorizing crackdown on the media.
He, however, pledged to seek clarification on the specific incidents raised during the engagement.
The minister also urged the media to maintain professional standards, verify information and avoid misleading or sensational headlines, arguing that press freedom must be accompanied by accountability.
“Freedom of the press is not simply a thing hanging in the air. It also has something attached to it, and that is the responsibility of those who exercise it,” he said.
Idris praised the participating media organizations for their commitment and expressed willingness to support the interactive sessions, potentially on a fortnightly basis.
He said regular engagements would strengthen communication between the federal government and the media, provide opportunities to clarify government policies and enable timely responses to emerging national issues.
…Nigeria is on course – Minister
Continuing, the minister said: “Nigeria is moving forward with renewed confidence. Under the leadership of President Bola Ahmed Tinubu, we have made bold decisions to address long-standing structural weaknesses, restore stability and lay a stronger foundation for sustained growth. These decisions are producing measurable results, and we increasingly see the transition from economic reform to economic opportunity.
“We recognize that many families continue to face cost-of-living pressures. This is exactly why the President remains focused not only on stabilizing the economy, but also on making the benefits of the recovery visible in the daily lives of our people.
“Our commitment is to ensure that stronger economic indicators translate into more jobs, more productive businesses, more accessible essential services and greater purchasing power for Nigerian families.
“The progress is substantial and the direction is clear. The reforms are strengthening our economic fundamentals, rebuilding confidence and creating the conditions for broader prosperity. We are determined to consolidate these gains and accelerate their impact across the country. The macroeconomic numbers have turned a corner and I would ask that we always look at their meaning beyond the headlines.
“The economy is set to grow by more than 4% in 2026. Nigeria’s current account surplus was $12.0 billion in the first half of 2026, compared to $8.6 billion in the first half of 2025. Inflation has fallen from around 27% in January 2025 to around 15% today, an encouraging improvement in the outlook for household budgets. Our ultimate goal remains inflation single digit”.
…Onanuga speaks
Also speaking at the colloquium, Special Adviser to the President on Information and Strategy, Bayo Onanuga, called on media professionals to be objective and ethical in reporting events.
The presidential spokesperson cited instances where a newspaper reported that the price of fuel was reaching N1, 900, only to find out in the body of the story that it was diesel.
He also referred to a TV channel that reported long queues at CNG centres, but reported that they were queuing for fuel, urging the mainstream media not to join those indulging in junk journalism.