Petrol prices to crash further – FERMA boss

Dr Musa Babayo, Board Chairman, Federal Road Maintenance Agency (FERMA), says prices of petrol will crash further driven by the economic reforms of President Bola Tinubu’s administration.

He said this in Bauchi on Monday at the inauguration of a three-day 1st International Conference with the theme: “Remodeling the Economy for Sustainable Development.”

The conference is being organised by the Academic Staff Union of Polytechnic (ASUP), Abubakar Tatari Ali Polytechnic, Bauchi.

Babayo said that going by the Tinubu’s economic reform programmes and the performance of other economic sectors, Nigerians would also experience a better exchange rate by the end of 2026 or early 2027.

“Nigerians will have an exchange rate that puts a smile on their faces.

“Dangote has reduced the price of petrol to N669 per litre, and it will continue to go down to a level that will make the economy conducive to every Nigerian.

“Some years back, sim cards are being sold for N25,000 but today, network providers are looking for customers to use their sim for free because they want people to use their network.

“So, the petrol price too will continue to crash to a level that all Nigerians will be comfortable with,” he said.

Babayo described the remodeling of the Nigeria’s economy as a national imperative and generational responsibility, and no longer optional but compulsory.

ASUP Chairman, Nazif Pali, said world economies are being tested by rapid technological changes, environmental challenges, unemployment and widening inequalities.

He said that in Nigeria and other developing nations the challenges were compounded by structural weaknesses, overdependence on limited sectors and underutilisation of human capital.

Pali therefore called for a deliberate, inclusive and knowledge-driven remodelling of the Nigeria economy.

“Polytechnics occupy a strategic position in this remodelling process. As institutions established to provide practical, technical and entrepreneurial education, polytechnics are naturally aligned with the demands of a sustainable economy,” he said.

The chairman said the participants would deliberate, share ideas and propose practical solutions toward repositioning Nigeria’s economy on a sustainable path.

According to Pali, the outcomes of the conference will not remain confined to the academic publications, but inform policy decisions, inspire institutional reforms and stimulate productive partnerships.

Gov. Bala Mohammed, said that government must invest in education, skills, innovation and productivity for the economy to thrive in a sustainable way.

Mohammed was represented by Hajiya Hadiza Kango, Commissioner for Higher Education.

He reiterated commitment to strengthen polytechnic education via improved infrastructure, capacity development, research and innovation as well as promote strong linkages.

“We believe that well trained graduates from polytechnics can drive entrepreneurship support, local industries and contribute meaningfully to economic transformation,” he said.