The Non-Academic Staff Union of Educational and Associated Institutions (NASU) has sounded a stark warning to the Federal Government, urging immediate action to curb the rising petrol prices and the continued devaluation of the naira to avert a potential mass revolt. This call came from NASU’s President, Dr. Makolo Hassan, during the union’s National Executive Council (NEC) meeting in Abuja over the weekend.

Dr. Hassan expressed deep concern over the worsening economic situation in Nigeria, pointing out that the escalating cost of fuel has a far-reaching impact on the economy. “The surge in petrol prices has caused an upward spiral in transportation and production costs, creating a ripple effect that is further exacerbating inflation,” he noted. This inflationary pressure has made life increasingly difficult for ordinary Nigerians, whose purchasing power is eroded by rising costs.

He also criticized Nigeria’s over-dependence on crude oil, which has made the economy highly vulnerable to global market fluctuations. “Nigeria’s abundant crude oil, which should have been a blessing, has instead made the nation’s economy highly vulnerable to global oil price fluctuations. Rather than fostering sustainable growth, this over-reliance has left the country exposed to external shocks, often resulting in economic instability,” Dr. Hassan lamented.

Despite years of rhetoric about diversifying the economy, NASU’s president observed that little progress has been made in shifting away from oil dependency. “The much-talked-about diversification remains a mirage,” he said, emphasizing the lack of sufficient investments and policies to genuinely boost sectors like agriculture, manufacturing, and technology. “Without real action, Nigeria’s economy remains stuck in a boom-and-bust cycle dictated by volatile global oil markets.”

Dr. Hassan also highlighted the ongoing challenge posed by Nigeria’s non-functional government-owned refineries, which have left the country heavily reliant on imported fuel. “Despite being a major oil producer, Nigeria lacks sufficient domestic refining capacity. This forces the government and private marketers to import refined petroleum products at international prices, which are subject to global market fluctuations,” he explained. This situation has placed a heavy burden on both the economy and consumers, and it has further politicized the contentious issue of petrol subsidies.

NASU also addressed the Dangote Refinery, which had been expected to alleviate some of these issues. Dr. Hassan noted that while the refinery holds promise for reducing Nigeria’s reliance on fuel imports in the long run, it still faces challenges within Nigeria’s regulatory and petroleum landscape. “The complexities of navigating Nigeria’s regulatory and petroleum cabal landscape have slowed down the expected relief the Dangote Refinery was meant to provide,” he said. “The absence of functional government refineries continues to exacerbate the current high cost of petroleum products, and price increases have become a daily affair.”

The Nigerian National Petroleum Corporation Limited (NNPCL) came under heavy criticism during the NASU meeting. Dr. Hassan called out the NNPCL for failing to revive and maintain government-owned refineries, despite years of promises and significant investments. “The NNPCL has brought significant embarrassment to the nation by allowing these refineries to remain largely non-operational,” he said. “Instead of focusing on restoring these vital assets to reduce Nigeria’s reliance on imported petroleum products, the NNPCL has diverted its efforts towards positioning itself as a monopolistic player in the distribution of petrol from the Dangote Refinery.”

He condemned this shift in focus, accusing the NNPCL of prioritizing market control over its core mandate of ensuring domestic refining capacity. “The irony of a state-owned enterprise neglecting its own refineries while competing for control over private-sector output underscores its inefficiencies and has deepened public frustration over Nigeria’s ongoing energy crisis,” Dr. Hassan added. NASU called on the government to take decisive action to address the inefficiencies of the NNPCL and restore public confidence in the state-owned enterprise.

The economic strain caused by rising inflation, coupled with the continuous devaluation of the naira and increasing fuel prices, has led to a severe cost-of-living crisis in the country. Dr. Hassan stressed that the situation is plunging many Nigerians into deeper poverty, as the prices of basic goods and services continue to soar. “As fuel prices rise, transportation and production costs follow, which has created a ripple effect that worsens inflation. This has increased financial hardship for households across the nation, with many struggling to afford daily necessities,” he said.

The NASU president warned that if the current trajectory continues unchecked, the country may face widespread social unrest. “The escalating cost of living, compounded by high unemployment and underemployment, is putting enormous pressure on the Nigerian populace. If the government does not take immediate steps to address the fuel price hikes and stabilize the naira, a mass revolt could be imminent.”

In its call for action, NASU urged the Federal Government to prioritize addressing the inefficiencies within NNPCL and revamping domestic refining capacity. The union also advocated for a more aggressive approach to economic diversification, emphasizing that the over-reliance on crude oil must be ended if Nigeria is to achieve sustainable economic growth. “Diversifying into sectors like agriculture, manufacturing, and technology is the only way to shield the economy from global oil price volatility and create a more stable future for Nigeria,” Dr. Hassan concluded.