Mr Zacch Adedeji, Chairman of the Nigeria Revenue Service (NRS), has disclosed that Nigeria is one of the few countries in the world with one of the lowest petrol prices amid the conflict in the Middle East, news.ng reports.
He made this known on Tuesday during the official commissioning of the corporate headquarters of the NRS in Abuja, Nigeria’s capital.
According to Zacch, while defending the current cost of petrol in the country, he hailed President Bola Ahmed Tinubu’s audacious economic reforms.
He noted that formidable economic decisions can be achieved when such decisions are backed by data, calling for a more practical approach when comparing prices against international benchmarks.
He said, “Nigeria’s pump price today, because people say price is expensive, it’s expensive. And that is why… I must be data-driven. That’s why I come with the data.”
He continued, “The price in Nigeria today is 0.88 cent, in the United States, it’s one dollar seventy cents, which is 22% higher. In India, it’s 25% higher.”
Meanwhile, comparing Nigeria with other countries in Africa, particularly South Africa, Adedeji explained, “In South Africa, it’s 35% higher. And if you do global today, Mr President, we are 50% lower than the price.”
According to him, the reason why the price is lower in Nigeria is due to major reforms in the petroleum sector, encouraging local refiners in the country.
He said, “This is just because you allow local refineries to work.”
The NRS boss commended his principal, President Tinubu, for revamping the country’s crude oil trade policy—the sale of crude oil in naira—in which the likes of Dangote Refinery have been able to leverage, enabling the purchase of crude oil in naira from the Nigerian National Petroleum Company Limited (NNPC), which has become a breakthrough.
He said, “I remember vividly when you called me, and you said, ‘Zach, put your pen and your notes. I want to sell crude in Naira.’ I said, ‘Mr. President, crude is always benchmarked in dollars.’ [He said], ‘Yes. Go and do this.’”
Consequently, with the commencement of the policy, it has eliminated the occasional non-availability of petroleum products at strategic depots during the yuletide season and long queues at petrol stations.
“We don’t have the queue today, and then we have availability. Just recently, I read that it supplies 17 cargoes to help other African countries, from net importer to net exporter,” he remarked.
He thanked the President for his courage in implementing some of the reforms, thereby creating an enabling environment.
“Mr President, thank you for your courage. This is indeed what visionary leadership looks like. Only a leader with clarity of purpose, courage of conviction, and commitment to long-term national interest can drive change at this scale,” he added.
