Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), has attributed Nigeria’s ongoing economic challenges to the country’s reliance on petroleum products as its primary source of revenue. Speaking at the Special Holy Ghost Congress in Abuja on Thursday, Adeboye shared his perspective on the country’s financial troubles, emphasizing that divine intervention has played a key role in preventing the naira from depreciating further against the dollar.
During his address, Adeboye highlighted the structural issues contributing to Nigeria’s economic woes, particularly the country’s dependence on oil exports while still relying on imports for refined petroleum products. “Nigeria is an oil-producing nation, yet we continue to import refined petroleum,” he stated. This reliance on imported fuel, despite Nigeria’s abundant oil resources, has caused a significant strain on the national economy.
Adeboye also discussed the underperformance of Nigeria’s refineries, noting that despite repeated attempts to make them operational, they have largely failed to meet the country’s needs. The inability to refine enough petroleum locally has meant that the government must spend billions of dollars importing fuel. “Despite efforts to make our refineries work, they have not been successful, and we continue to import what we could produce ourselves,” Adeboye remarked.
The RCCG leader also addressed the controversial removal of the fuel subsidy under President Bola Tinubu’s administration. While some Nigerians have criticized the move, which resulted in a sharp increase in fuel prices, Adeboye defended it, linking the removal of the subsidy to the broader economic challenges facing the country. “We were aware, even before President Tinubu took office, that the root of our financial issues lay in the importation of petrol,” he said. “We had oil, but we were importing petrol and wasting billions on refineries that did not operate effectively.”
In his remarks, Adeboye acknowledged the discontent that followed the subsidy removal, particularly from those who had benefited from the system. “When the president cancelled the subsidy on petrol imports, those who benefited from it became upset and created more problems,” he stated, referring to the protests and opposition that the decision triggered across the country.
As the value of the naira continued to decline against major currencies, Adeboye and other religious leaders have called for divine intervention to address Nigeria’s economic crisis. “We prayed fervently for God’s intervention,” Adeboye shared, suggesting that these prayers played a role in stabilizing the naira’s value. According to him, without God’s intervention, the naira could have depreciated even further.
“If God hadn’t intervened, $1 could have been worth N10,000 by now,” Adeboye warned, illustrating the severity of the situation. “This shows how much we need prayers,” he added, underscoring his belief that spiritual intervention has helped mitigate further damage to the country’s economy.
Since President Tinubu assumed office in May 2023, the naira has experienced significant depreciation. In just a few months, the exchange rate rose from about ₦400 to ₦1 against the dollar to approximately ₦1,700. The steep decline in the naira’s value has caused inflationary pressures and increased the cost of living for many Nigerians.
In addition to the currency crisis, fuel prices in Nigeria have skyrocketed under the current administration. Petrol prices, which were previously under ₦200 per liter, have now surged to more than ₦1,000 per liter. This has further compounded the economic difficulties faced by Nigerians, many of whom are struggling with rising transportation and living costs.
