Buhari says petrol price increase necessary for subsidy removal
President Muhammadu Buhari on Monday reacted to the complaints by Nigerians over the recent increase in petrol pump price.
According to the President, the payment of petrol subsidy is no longer provided for in the national budget, and that letting it go was a crucial decision needed to free up resources for education, health and other social services.
“There is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We simply can not sustain the petroleum subsidy,” President Buhari said in a statement by the Presidency.
Recall that following the stoppage of the fuel subsidy and therefore deregulating the downstream oil sector, petrol pump price rose from 143 in July to 151 in September.
The petrol price increase has riled up millions of Nigerians who are already groaning under the burden of the coronavirus impact on the economy.