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Increasing fuel prices aid inflation – Maduekwe



NIGERIA is experiencing inflation, what do you think could lead to this?

  Yes, it’s very obvious that Nigeria has been experiencing inflation decades ago and it keeps expanding more and more till date. The main cause of it is increase in foreign exchange rate, whereby industrialists and manufacturers will buy raw materials at a very high cost due to the increasing value of foreign currencies. At the end, goods and products will keep increasing in prices. Moreover, petrol is also one of the contributing factors in the Nigerian inflation.

  Fuel price moved from 97 Naira to 163 and there are incessant increments in power utility bills. Do you think it is a welcome development?

  Come to talk on this issue, the fuel pump price has been increasing from the previous administrations, but this present administration brought a very high increase in the fuel pump price. We kept hearing from the Petroleum Minister about Nigeria’s moves on importation of fuel into the country, whereas Nigeria as a country is blessed with oil.

  On the issue of incessant increments in power utility bills, the power authority privatisation has contributed a lot to this power increment development. Those days when the power authority is in the hands of federal government, the utility bills are fair and satisfying to compare to now. The reason for the high cost of the utility bills is what we citizens cannot testify, rather the tariffs are increasing from day to day. So the issue of power sector is what I urge the federal government to do something about because everyone’s pocket is not heavy, meaning that all hands are not equal. All these contribute to the hardship amongst the masses.

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  Do you think establishment of modular refineries will help to boost refineries and distribution of petroleum product s in the country?

  Yes, the modular refineries will contribute a lot in the distribution of petroleum products in the country because each modular refinery will be producing large volume of barrels of oil on daily basis.

Recently, petroleum tanker drivers threatened to withdraw their services due to failure by the federal government to provide safety values in all the petroleum trucks to protect lives and properties in case of road mishaps. What is your take on this?

  Yes, it is a welcome idea that the petroleum tanker drivers are seeking for the federal government’s intervention on the high rate of petroleum truck road accidents which sometimes, eventually result to  fire outbreak, thereby destroying properties and killing of innocent masses. I believe that if some safety precautions will be mapped out by the federal government, it will help to reduce these repeatedly occurring fire disasters among the petroleum trucks.

  Is there a way forward?

  Yes, there would be a great impact if the federal government will look  into these issues and  deliberate on the matters with the various Senate Committees relating to these authorities as discussed above.

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