A Development expert and Founder, Global Initiative for Nigeria Development (GlND), Engr. Micheal Ale, has urged President Bola Tinubu and the National Assembly to take proactive measures to forestall impending hardship that would arise from energy price hike occasioned by the crisis in the Middle East.
He said the escalation of U.S-lsreal versus Iran war has led to a sudden closure of the Strait of Hormuz by Iranian authorities, noting that the ugly development already poses serious threat to energy availability globally leading to snowballing price of fuel and other energy sources.
Ale spoke on the occasion of the celebration of the World Water Day through a statement he made available to newsmen in Ado Ekiti.
The expert who is currently in the United States of America (U.S.A) to attend the 2026 Smart Water Policies Fly-In Conference in Washington DC, as a resource member of the global organisation, National Ground Water Association (NIGWA), advised that Committee of technocrats be put together by the Federal Government to profer solutions to the crisis.
“As we celebrate the World Water Day, we immediately notice that the world is currently in an almost unprecedented hardship forced on us by the on going U.S-lsreal versus lran war. Iranian authorities have began fighting back after the killing of their leaders.
“They recently closed their water ways, Strait of Hormuz, and this is bringing serious price hike on energy to the global community as the passage allows the transportation of about 20% of the world’s energy.
“In the coming days, Nigeria, though not affected directly by the on going war, would witness hasher economic woes resulting from worsening hikes in energy prices.We cannot afford to let things get out of hand.
“This is why we urgently advise that President Tinubu and National Assembly should constitute a high powered stakeholders’ Committee comprising mainly experts and technocrats to urgently work out modalities to cushion the effect of the coming inevitable hardship.
“Because Iran had shut the passage of ships along the Strait of Hormuz waterways which allows global oil ship passage representing 20% of global oil, Price of global oil had risen to $120 per barrel from the usual $78 per barrel, and the situation has not abated, it could rise to $250 per barrel from the current escalation.
“What this portends for our country economically is that our livelihood in general will be affected. Nigeria produces crude and of recent Dangote refined oil. We would sell crude oil at higher price and make more gains which brings economic prosperity to the Nation, however, the cost of the end products from the oil sales, had increased from the usual N930 to N1,300 for PMS and N980 to N1,700 for AGO.
“This unhealthy development could escalate in the days coming due to the closure of the Strait of Hormuz, as the war rages, especially if threats and other counter- threat on going between the war parties fail to abate.
“I therefore, appeal to Mr. President and Members of the National Assembly to constitute a high powered committee of concerned stakeholders that will look into the possibility of creating a cushioning effect of the war, that has now taken a dangerous dimension.”
Credit: guardian.ng
