President Muhammadu Buhari has insisted that his administration's decision to hike fuel and electricity prices is definitely tough, but the right thing to do. His statement is an indication that his administration has no intention of backing down on its move to remove fuel subsidy for which Labour had planned to take an industrial action.
In an attempt to justify the move, Buhari in his Independence Day address, said it makes no sense for Nigerians to buy fuel at cheaper prices compared to other oil producing countries in the world.
The cheapest on the list is Saudi Arabia at N168 per litre.
“It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia,” the president said.
On the list are Chad, where a litre of petrol costs N362; Niger, N346; Ghana N326 and Egypt, N211.
“In the circumstances, a responsible government must face realities and take tough decisions,” he said. “Petroleum prices in Nigeria are to be adjusted.”
“Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.”