The Digest:
Imo State Governor Hope Uzodimma has declared that President Bola Tinubu shielded Nigeria from the global fuel crisis triggered by the Middle East conflict, despite petrol prices hitting nearly double. Speaking during a visit by the City Boy Movement led by Seyi Tinubu, Uzodimma stated: "In spite the speculative tension in the Middle East, occasioned by the crisis in Iran, the prices of fuel would have gone up but in the African continent, Nigerian naira remains stable." He noted that while other African currencies face significant volatility, the naira remains stable at N1,240, attributing this to subsidy removal which allows Dangote Refinery to purchase crude in naira. The conflict has blocked the Strait of Hormuz, through which 20% of global oil passes, driving up fuel prices worldwide. Uzodimma called for united support for Tinubu's reforms and commended the City Boy Movement's youth empowerment initiatives, including plans to empower 7,000 youths in the South-East.
Key Points
- Uzodimma says Tinubu saved Nigeria from global fuel crisis despite N1,300 petrol.
- Naira stable at N1,240 while other African currencies volatile.
- Strait of Hormuz closure (20% global oil) drove worldwide price hikes.
- Subsidy removal enables Dangote Refinery to buy crude in naira.
- City Boy Movement to empower 7,000 South-East youths.
At N1,300 per litre, Uzodimma calls it salvation, praising naira stability and subsidy removal as Nigeria weathers a storm that has rocked currencies across the continent.
Sources: Daily Trust
