Nigeria’s President Muhammadu Buhari has justified why he decided to increase petrol price and electricity tariff.
President Muhammadu Buhari has given cause why the pump value of petrol and electrical energy tariff have been hiked.
In response to a report by DailyPost, President stated the increment in each petrol and electrical energy tariffs was as a result of COVID-19 outbreak.
Buhari who was represented by the Vice President, Yemi Osinbajo disclosed this on the ministerial efficiency overview retreat, on Monday, in Abuja.
He stated the pandemic led to a downturn of funds to finance the nation’s finances.
He stated, “The COVID-19 pandemic has led to a extreme downturn within the funds accessible to finance our finances and has severely hampered our capability. One of many steps we took firstly of the disaster in March when oil costs collapsed on the peak of the worldwide lockdown was the deregulation of the value of Premium Motor Spirit such that the good thing about decrease costs at the moment was handed to shoppers.
“This was welcomed by one and all. The impact of deregulation although is that PMS costs will change with modifications in international oil costs. This implies fairly regrettably that as oil costs get better we might see some will increase in PMS costs. That is what has occurred now. When international costs rose, it meant that the value of petrol regionally can even go up.”