…Says “IMF, oil magnates are not your 2027 partners
Renowned public commentator, Dr. Aliyu Tilde has issued a strong call to President Bola Tinubu, urging him to ensure that Nigerians benefit from affordable fuel prices without the need for subsidies.
In a detailed statement following his participation in a British Broadcasting Corporation (BBC) radio panel discussion on Friday, Dr. Tilde expressed concerns over the current pricing regime, which ties domestic petrol costs to global oil market fluctuations and the value of the U.S. dollar.
Dr. Tilde challenged the narrative presented by representatives of the Nigerian National Petroleum Company Limited (NNPCL) and the Independent Petroleum Marketers Association of Nigeria (IPMAN), who suggested that Nigeria is bound by OPEC agreements to sell domestically produced crude at international market prices, even when refined locally.
Tilde labeled this explanation as misleading, asserting that OPEC does not mandate such conditions. Citing both his own research and references to OPEC’s guidelines, Dr. Tilde argued that member countries are not required to price domestically consumed crude oil at international rates. According to him, many OPEC nations have historically provided their citizens with fuel at lower prices than the global market.
“The President and Minister of Petroleum have the authority to sell Nigeria’s daily crude allocation to local refiners like Dangote at significantly reduced rates,” Tilde stated. He further explained that even if local refiners purchase crude at a fair domestic rate, fuel prices could be brought down to around N400 per litre, benefiting Nigerian consumers”, he stated.
Tilde also criticised the influence of international financial institutions, such as the International Monetary Fund (IMF), accusing them of pushing policies that prioritize debt servicing over the welfare of Nigerian citizens. He believes the IMF and the oil industry magnates are part of a system designed to exploit the country’s resources, further burdening the Nigerian populace.
According to him, “The IMF, World Bank, and the West want the government to squeeze us, making it difficult for us to thrive economically. This has been their age-old philosophy: our poverty fuels their wealth”.
In his final remarks, Dr. Tilde appealed directly to President Tinubu to take decisive action in ensuring affordable fuel for Nigerians. He urged the President to disregard external pressures from international organisations and local economic elites, who advocate high taxes and continued exploitation of the country’s resources.
“Mr. President, affordable fuel is possible at zero subsidy because it is our oil. The IMF and oil magnates are not your partners in 2027, and they will not be there to support your re-election. It is time to make decisions that reflect the interest of the Nigerian people”, he concluded.