‘Lower’ petrol price compared to Saudi makes no sense – Buhari

President Muhammadu Buhari says Nigeria cannot afford the current “low” pump prices of petrol as revenue and foreign exchange earnings continue to shrink.

President Buhari made this known while addressing the country in commemoration of the 60th Independence Anniversary on Thursday.

The President added that the combined effect of the drop in oil revenue and the downturn of economic activities due to the COVID-19 pandemic have led to a drop in revenue accruing to the federal government. He pointed to a 60% drop in the size of revenue accruing t the Federal Government since these twin effects set in.

He said his Administration since coming into office has recognized the need to adjust price of petroleum to reflect the reality of things based on economic arguments even though the social concerns have usually prevailed against he wishes of the government.

He said the government has brought in many interventions programme to help curshion the effect of any increaases in petrol prices on the people. He listed the programmes as Tradermoni, Farmermoni, School Feeding Programme, Job creation efforts, Agricultural intervention programmes.

Recall that in In September, the country started paying about 10 per cent more for petrol as the government’s deregulation policy kicked off.

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