Buhari, who was represented by Vice President, Yemi Osinbajo, at the ministerial performance review retreat, blamed the COVID-19 pandemic as reason for the increase in petrol pump price, SaharaReporters reports.
He said, “The COVID-19 pandemic has led to a severe downturn in the funds available to finance our budget and has severely hampered our capacity. One of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown was the deregulation of the price of Premium Motor Spirit such that the benefit of lower prices at that time was passed to consumers.
“This was welcome by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up.
“There are several negative consequences if government should even attempt to go back to the business of fixing or subsidising PMS prices. First of all, it would mean a return to the costly subsidy regime. Today we have 60 per cent less revenues, we just cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.
“We do not have the resources at this point to continue in this way and it will be grossly irresponsible to borrrow to subsidise a generation and distribution which are both privatised. But we also have a duty to ensure that the large majority of those who cannot afford to pay cost reflective tariffs are protected from increases. NERC, the industry regulator, therefore approved that tariff adjustments had to be made but only on the basis of guaranteed improvement in service.”
Nigerians truly deserve the leaders they have. I have no pity for anyone especially those who voted this incompetence in power. We actually warned them but we were insulted. Happenings will always vindicate us. Do you know one funny thing? They won't still get it right come 2023. What a people!!!
ReplyDelete�������� So its COVID 19 that cause you people to be importing fuel, it was COVID 19 that made the refineries not to work till now abi, it was COVID 19 that cause you people to still buy cars for senators, its COVID 19 that made people to reap the country off through fuel subsidy abi....
ReplyDeleteIt will be grossly irresponsible to borrow to subsidize power and petroleum. Has power being subsidized? But it's not grossly irresponsible to borrow for your luxurous life styles. Other countries paid water and power bills for their citizens yet your useless government can't subsidize few millions for Nigerians. Nonsense and ingredients
ReplyDeleteYes dear government have been subsidising power since privatisation started under Jonathan. It was simply wrong.
DeleteAlexander
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ReplyDeleteBaba go slow always blaming everyone but himself for his incompetence
ReplyDeleteLame excuse as usual. Baba Go slow!Mtchew
ReplyDeleteBubu
ReplyDeleteIf this useless and clueless govt is attributing this to Covid 19, why didnt it affect their salary. Their salary is unaffected and i remember the National Assembly took delivery of SUVs at the peak of the Pandemic. The lives of Nigerians mean nothing to these people. They are like Vampires whose intention is to suck the blood out of Nigerians anidst the prevailing bad economic situation. This is the best time to get out of Nigeria. Olodo President wey no sabi anything.
ReplyDeleteDid it affect the salaries of civil servants since they were asked to stay at home since March. For how long will government continue to subsidise fuel and electricity. Since the discovery of crude, government have been subsidising petrol products. For years no subsidies on kerosene and diesel, who died. You idiots are never rational, always insulting political leaders and their families.
DeleteAnon 10:32, yes the salaries of civil servants have been cut to 70%, as they said because of the cost of covid-19. Yet, these senators have also been 'resting' since then and their salaries are unaffected. They are even sharing palliative millions. I dare say you are in the political class that's why you are blinded to what is happening in the socirty. Where food, PMS and transportation is skyrocketing.
DeleteOkay Sir😫
ReplyDeleteChai covid-19 don suffer for our government hand🙆🙆🙆🙆🙆
ReplyDeleteI was discussing with someone recently,and I told the person Nigeria is obviously under a curse only to see Yul Edochie's utterance echoing such,LORD WHICH WAY??!😭😭😭😭
ReplyDeleteIt's absolute stupidity to assume Nigeria is under a curse. The kingdom of Saudi Arabia who is the highest producer of crude removed subsidy due covid induced fall in crude price. For months they have been announcing new prices of petrol products on the tenth of every month. Is a curse also placed on the kingdom of Saudi Arabia. Why would any rational human expect government to be paying subsidies on electricity, over what exactly.
DeleteWhen you have fraudsters and scammers as leaders nothing should surprise you anymore.
ReplyDeleteBut isn’t it true?covid affected the income of almost every country especially when they didn’t even plan for it.i don’t know if they increased the prices coz of Covid but that Covid affected Nigeria’s income greatly is a fact.
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