President Buhari Blames ‘corona virus’ For The Increase In Fuel Price.
He lamented that the nation’s revenue and foreign exchange earnings have dropped by almost 60 percent since the pandemic took hold, that the pandemic could also be blamed for subsidy removal which led to hike in petrol pump price and electricity tariffs.
In his remarks, he stated that the COVID-19 pandemic has led to a severe downturn in the funds available to finance budget and had severely hampered the government’s capacity.
He further mentioned that there will be several negative consequences if government should even attempt to go back to the business of fixing or subsiding prices.
Firstly, it would mean a return to the costly subsidy regime. Secondly, there will be a potential return of fuel queues, which has thankfully become a thing of the past under the Buhari adminstration.
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