Contrary to argument for removing petroleum subsidy, the administration of President Muhammadu Buhari has announced a new pump price of petrol in the country.
In his 60th Independence Day broadcast, Buhari said fuel would now be sold at N161 per liter in Nigeria, noting that other nations such as Ghana, Niger, Chad, Saudi Arabia and other oil-producing countries sell petrol on higher prices than Nigeria.
He blamed the previous administrations from 1999 to 2005 for political and economic woes that have befallen Nigeria.
The president said no government in the past did what his administration is doing with such scarce resources.
He added that the past administrations lack the effrontery to criticize his government because they had the opportunity to develop and take the country to a greater height but preferred to preside over the near-destruction of the country.
“Those in the previous Governments from 1999 – 2015 who presided over the near destruction of the country have now the impudence to attempt to criticize our efforts,” he said.
Buhari said that in the circumstances, a responsible government must face realities and take tough decisions.
“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point;
“Chad which is an oil producing country charges N362 per litre.
“Niger, also an oil producing country sells 1 litre at N346.
” In Ghana, another oil producing country, petroleum pump price is N326 per litre.
“Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.
Buhari also notified Nigerians to prepare for tougher policies in order to save Nigeria from economic set back.
However, some Nigerians have lambasted the President for his broadcast, describing it as uninspiring and disappointing.
Southern and Middle Belt Leaders Forum described the broadcast as mere sound and fury as well as empty rhetorics, stated that Buhari bungled the opportunity to assuage Nigerians on his concrete and viable plans for the country.
The group emphasized that the broadcast which ought to have given Nigerians hope had further dampened their morale towards conceptualizing a country of their dream.
Recall that the Minister of State, Petroleum Resources, Chief Timipre Sylva had told Nigerians while jerking up the price of petrol recently that government could no longer fix petroleum price because of the decision of government to totally remove subsidy on the product.
