President Buhari tells Nigerians to prepare for further increase in fuel price

The Nigerian President Muhammadu Buhari has said that there will be negative consequences if the government should continue with the business of fixing or subsidising the price of petrol. He also told Nigerians to expect further increases in the price, following international crude oil prices. He further stated that while his administration was quite aware of the pain brought by the higher pricing, the Covid-19 pandemic has led to a downturn in the available funds to finance the nation’s budget.The president who was represented by his Vice president Yemi Osibanjo stated that the target of supplying eleven thousand megawatts of electricity by 2023 was still realistic and achievable, and would provide a lifeline for so many businesses and improve their standard of living.
In a statement by the president’s spokesman,Mr Femi Adesina,He said that the increase in price of electricity were crucial decisions that were taken at the beginning of the year,ahead of the COVID’19 pandemic. He concluded that a continuous delay in the implementation of the policy would be detrimental to the economy,putting the burden of regular light cuts on Nigerians.