Bauchi: Dr Musa Babayo, Board Chairman, Federal Road Maintenance Agency (FERMA), says petrol prices 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: “Remodelling the Economy for Sustainable Development.”
The conference is being organised by the Academic Staff Union of Polytechnics (ASUP) of Abubakar Tatari Ali Polytechnic, Bauchi.
Babayo said that, based on Tinubu’s economic reform programmes and the performance of other economic sectors, Nigerians would also see 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 fall to a level that will make the economy more conducive for every Nigerian.
“Some years back, SIM cards were 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 remodelling of 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 Nigerian 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 to reposition Nigeria’s economy on a sustainable path.
According to Pali, the outcomes of the conference will not remain confined to academic publications but will inform policy decisions, inspire institutional reforms, and stimulate productive partnerships.
Gov. Bala Mohammed said the government must invest in education, skills, innovation, and productivity to sustainably thrive.
Mohammed was represented by Hajiya Hadiza Kango, Commissioner for Higher Education.
He reiterated his commitment to strengthening polytechnic education through improved infrastructure, capacity development, research and innovation, and promoting strong linkages.
“We believe that well-trained graduates from polytechnics can drive entrepreneurship support, local industries and contribute meaningfully to economic transformation,” he said.
