The Tinubu Media Support Group (TMSG) has said Nigeria’s fuel price cap and other relief measures announced by the Federal Government align with efforts by more than 115 countries worldwide to cushion the impact of the Middle East crisis on their citizens.
The group said the measures demonstrated the administration’s response to the global cost of living crisis, stressing that temporary fuel discounts and price caps should not be misconstrued as a return to fuel subsidy.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG noted that several countries had introduced interventions in recent weeks to mitigate rising fuel costs linked to the conflict.
“We are aware that over 115 countries have moved fast in recent weeks to introduce measures to cushion the effects of the Middle East conflict on fuel prices, towards alleviating anticipated hardship on the people across the world,” the group said.
The statement listed Germany, Spain, Greece, India, Pakistan, Australia, Mozambique and Kenya among countries that had adopted fuel price caps or discounts, adding that the United States was also considering measures to reduce domestic fuel prices.
TMSG described Nigeria’s intervention as part of a broader international response to the crisis, arguing that the measures were temporary reliefs intended to ease the burden on citizens pending a return to normalcy in the Middle East.
The group faulted opposition figures who had described the policy as a disguised return of fuel subsidy, accusing them of applying different standards to similar interventions in Nigeria and other countries.
It specifically criticised former Vice-President Atiku Abubakar, whom it said had praised Germany’s 90-day fuel discount of 17 cents per litre but subsequently questioned the Nigerian government’s measures.
According to TMSG, Nigeria’s relief package extends beyond fuel discounts and price caps to include increased funding for cash transfers to vulnerable households, subsidised credit for small businesses and consumers, and accelerated deployment of compressed natural gas (CNG) buses and infrastructure in collaboration with state governments.
Other proposed measures, the group said, include an excess-profit tax targeting businesses found culpable of price gouging, enhanced tax relief for low pincome earners under the 2027 Finance Bill, and investment in a National Strategic Fuel Reserve.
The group explained that the proposed reserve would enable the government to release refined petroleum products into the market during future supply disruptions, helping to moderate price volatility without fixing prices or reinstating fuel subsidy.
TMSG maintained that the fuel discount and price cap did not constitute a return to subsidy, arguing that the arrangement would not involve the government using public funds or Federation Account revenue to pay part of the cost of petrol purchased by motorists.
Citing Finance Minister Taiwo Oyedele, the group said a limited discount borne by a retailer for a short period should not be equated with fuel subsidy, adding that the proposed price ceiling was also being negotiated with refineries and importers.
It urged Nigerians to assess the government’s interventions within the context of similar measures adopted internationally to provide temporary relief from the economic consequences of the Middle East crisis.
