President Buhari speaks about fuel price hike, electricity tariffs increase

President Buhari speaks about fuel price hike, electricity tariffs increase

- President Buhari has reacted to the recent increase in both the electricity tariffs and the pump price of petrol

- Buhari said the electricity tariff adjustment was allowed in order to address the power supply challenges

- The president made the statement at a retreat in Abuja

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President Muhammadu Buhari has reacted to the recent increase in both the electricity tariffs and the pump price of petrol which generated criticism among some Nigerians.

Buhari on Monday, September 7, said the electricity tariffs adjustment was made in order to address the power supply challenges Nigerians have experienced over the years, The Nation reported.

Buhari stated that he knows the recent changes may cause discomfort to Nigerians.

President Buhari speaks about the fuel price hike and the electricity tariffs increase. Photo Credit: Femi Adesina
Source: UGC

According to the president, he knows the recent changes may cause discomfort to Nigerians.

He promised to continue introducing relief packages to alleviate the conditions of the people.

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Buhari also explained that the pump price of petrol was increased as a result of the decision to deregulate the price of the petrol and the eventual removal of the subsidy previously provided for the importation of the product.

He made the statement in Abuja when declaring open the first year ministerial performance review retreat for ministers, permanent secretaries and top Government functionaries, at the statehouse conference centre.

The president who was represented by his vice, Yemi Osinbajo pointed out that the recent petrol increase was a direct result of the activities in the global petroleum market.

He assured Nigerians that his administration would ensure that marketers do not exploit the populace through arbitrary price-fixing.

Meanwhile, there are indications that Nigeria may soon witness massive protests by students over the recent increment in the pump price of petrol.

The National Association of Nigerian Students (NANS) has given the President Buhari’s administration an ultimatum to reverse the increment in the pump price of petrol or face mass protests by the students, Leadership reported.

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The vice president of NANS, Ojo Raymond, said Nigerian students totally reject the increment.

In other news, a former Emir of Kano, Muhammad Sanusi II, has thrown his weight behind the removal of fuel subsidy and other measures being taken by the federal government to stabilize the economy. In an interview on Arise TV on Friday, September 4, Sanusi said the move by the government was critical and the right thing to do.

According to him, there is now improved transparency in the Nigerian National Petroleum Corporation (NNPC).

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