President Buhari Reveals Why He Increased Petrol Price And Electricity Tariff


Posted by Thandiubani

Nigeria’s President Muhammadu Buhari has justified why he decided to increase petrol price and electricity tariff.

President Muhammadu Buhari has given reason why the pump price of petrol and electricity tariff were hiked.

Ginna Crochets

According to a report by DailyPost, President said the increment in both petrol and electricity tariffs was due to the COVID-19 outbreak.

Buhari who was represented by the Vice President, Yemi Osinbajo disclosed this at the ministerial performance review retreat, on Monday, in Abuja

Solutions to the Problem (Power Law)

He said the pandemic led to a downturn of funds to finance the country’s budget.

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 welcomed 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.”

One Comment Add yours

  1. Yeah. Yo make us pay for protesting and reporting him to UK Parliament


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s