TMSG Says FG’s Fuel Price Cap Aligns With Global Trend

The Tinubu Media Support Group (TMSG) has defended the Federal Government’s fuel price cap and other relief measures, saying they align with efforts by more than 115 countries to cushion the economic impact of the Middle East crisis.

The group said the measures would provide temporary relief to Nigerians facing rising fuel costs and wider cost-of-living pressures amid uncertainty in the global energy market.

In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG said the administration’s response reflected the reality of the economic challenges confronting countries affected by the crisis.

It cited Germany, Spain, Greece, India, Pakistan, Australia, Mozambique and Kenya among countries that had introduced fuel price caps or discounts to protect consumers.

The group also noted that the United States was exploring measures to reduce domestic fuel prices while pursuing efforts to resolve the tensions in the Gulf region.

According to TMSG, Nigeria’s response includes a month-long fuel discount and a broader price cap subject to monthly review. It argued that the interventions should be viewed as temporary relief rather than a return to fuel subsidy.

The group criticised opposition figures who described the measures as a pre-election gimmick or an attempt to reintroduce fuel subsidy. It argued that such criticisms overlooked similar steps taken by other countries.

TMSG specifically faulted former Vice President Atiku Abubakar, whom it accused of applying a double standard by praising Germany’s fuel discount while criticising Nigeria’s intervention.

The group said Nigeria’s relief package also covers vulnerable households and businesses. Other measures include increased funding for cash transfers, subsidised credit for small businesses and consumers, and faster deployment of compressed natural gas (CNG) buses.

It added that the government planned infrastructure investments with state governments, an excess profits tax targeting businesses found to have engaged in price gouging, and enhanced tax relief for low-income earners under the proposed 2027 Finance Bill.

The group also highlighted plans for a National Strategic Fuel Reserve to help Nigeria respond to future disruptions in global crude oil supplies.

It said the reserve would enable the government to release refined petroleum products into the market when necessary, helping to moderate price volatility without fixing prices or restoring fuel subsidy.

TMSG maintained that the fuel discount and price cap did not amount to a return of the former subsidy regime.

It cited Finance Minister Taiwo Oyedele’s position that a short-term discount borne by retailers did not constitute a government-funded subsidy.

The group argued that the government was not using public funds or money from the Federation Account to pay part of motorists’ fuel bills. It also said the discount would not come from the federal budget.

TMSG urged Nigerians to assess the measures in the context of the global response to the Middle East crisis, saying the interventions were intended to ease economic pressure while uncertainty in the region persisted.