Federal government reveals how increase in petrol price will benefit Nigerians.
The Federal Government reveals how the recent hike of fuel price will benefit Nigerians.
The hike in the cost of fuel, as a consequence of deregulation in the past few days, has led to various reactions, including planned nationwide strike by the labour union.
Some Nigerians accused the government of being insensitive to the plight of Nigerians, especially during a pandemic.
Minister of Information, Lai Mohammed while addressing newsmen in Lagos on Saturday said unlike popular opinions, the government is not insensitive to Nigerians, adding that the full deregulation of the petroleum sector and the service-based electricity tariff adjustment will in the long run benefit the ordinary people.
They endured incessant long queues and paid higher to get the products, thus making the subsidy ineffectual.”
The minister added that aside from the benefits, the government can no longer afford the cost of subsidy due to the economic conditions.
“Apart from that, the truth is that the government can no longer afford the cost of subsidy, especially under the prevailing economic conditions. Revenues and foreign exchange earnings by the government have fallen by almost 60%, due to the downturn in the fortunes of the oil sector. And there is no provision for subsidy in the revised 2020 budget.