COVID-19 Pandemic Causes Sudden Increase In Fuel Price And Electricity Tarrif - Buhari

Date: 07-09-2020 8:25 pm (4 years ago) | Author: Olusanya Akinrinola
- at 7-09-2020 08:25 PM (4 years ago)
(m)

The President of the Federal Republic of Nigeria, Muhammadu Buhari has explained the reason for the sudden increase in the price of Premium Motor Spirit (PMS) and electricity tariff across the country.
Buhari, who was represented by the Vice President, Yemi Osinbajo, made the statement at the ministerial performance review retreat on Monday, September 7, 2020.

The Federal Government blamed the COVID-19 pandemic as the reason for the increase in petrol pump price and electricity tariff.
He said,
Quote

    “The COVID-19 pandemic has led to a severe downturn in the funds available to finance our budget and has severely hampered our capacity. One of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown was the deregulation of the price of Premium Motor Spirit such that the benefit of lower prices at that time was passed to consumers.

    This was welcome by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up.
There are several negative consequences if government should even attempt to go back to the business of fixing or subsidising PMS prices. First of all, it would mean a return to the costly subsidy regime. Today we have 60 per cent less revenues, we just cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.

“We do not have the resources at this point to continue in this way and it will be grossly irresponsible to borrrow to subsidise a generation and distribution which are both privatised. But we also have a duty to ensure that the large majority of those who cannot afford to pay cost reflective tariffs are protected from increases. NERC, the industry regulator, therefore approved that tariff adjustments had to be made but only on the basis of guaranteed improvement in service.”


Posted: at 7-09-2020 08:25 PM (4 years ago) | Addicted Hero
- dopygenius at 7-09-2020 09:42 PM (4 years ago)
(m)
Mr president Muhammed Okechukwu Buhari.....I am not surprised that someone of your caliber will come out and spill out this nonsense you are saying publicly that you Increased PMS because of Covid-19 pandemic

I see no reason why PMS should be increased as this hardship times instead you as the petroleum Minister should even bring down the price down more minimum,is really a big shame that we have a president that only cares for himself and his families instead of the voice of the Masses

By the way which Covid-19 are you talking about,I can recall that the Federal government says it spent up to 50billion naira or more including some charity organizations gave to Nigeria,Even from outside countries,Nigeria had support all through out the out break of Covid-19 pandemic,from China,and from U.S,what about the money donated by highly personal elites,but we heard some of the money was lost or got burnt as a result of greed and selfishness......Mr President wetin una use all those billions of money do Including the returned abacha stolen loot??? Na wa oh

Now Mr President,you come out and talk it was because of Covid-19,you are talking to us as if na small pikin you dey talk to,On April 1, 2020, the government announced that it will make transfers of 20,000 Naira ($52) to poor and vulnerable households registered in the National Social Register (NSR). Currently, the NSR has only 2.6 million households (about 11 million people) registered on its platform. The government hopes to increase this to 3.6 million households during the COVID-19 crisis. However, 87 million Nigerians live on less than $1.90 a day. Therefore, the cash payments by the federal government will reach only a fraction of poor. Besides, Nigeria does not have a robust national information management system, making electronic payments difficult. This has resulted in many people in the NSR not receiving the money promised by the government.....Now lemmt ask you Mr President,since the so called sharing of money from Federal Government,you don come out ask Nigerians if they received the money,have you asked them,did you care,if I go on to dey list your phyuk up for this country it will take the whole pages of this site.....You are incompetent,you are greedy,you are careless,you are Evil,You are Brutal,You have changed Democracy to autocracy,If we talk DSS will come after you...

My candid advise for is,you better divide this country because Nigeria is too big for you alone to handle.....Una don use Covid-19 loot money out from Nigeria,now come increase PMS to regain what has been lost,what kind of Set of humans species are Nigeria Governments,One single conscience them no get......No no this is too much to bear,see wetin this man dey talk Angry
Posted: at 7-09-2020 09:42 PM (4 years ago) | Gistmaniac
Reply
- dareper at 7-09-2020 10:01 PM (4 years ago)
(m)
Thunder!!!.
Posted: at 7-09-2020 10:01 PM (4 years ago) | Hero
Reply
- tyomon at 7-09-2020 10:29 PM (4 years ago)
(m)
the china loan is biting hard now.
Posted: at 7-09-2020 10:29 PM (4 years ago) | Upcoming
Reply
- davinoguy at 8-09-2020 12:07 AM (4 years ago)
(m)
Thunder fire you there stupid and useless Aboki man wen nor Sabi read or speak English. U will die there wicked man... So you don’t even care about your citizens bastard.
Posted: at 8-09-2020 12:07 AM (4 years ago) | Newbie
Reply
- isah2006 at 8-09-2020 05:12 AM (4 years ago)
(m)
Free Bitcoin Mining
Posted: at 8-09-2020 05:12 AM (4 years ago) | Newbie
Reply
- KDoinspire at 8-09-2020 07:46 AM (4 years ago)
(m)
I have nothing to say  other  than calling calling God to have judgement on all of you.
Posted: at 8-09-2020 07:46 AM (4 years ago) | Gistmaniac
Reply

fire TRENDING GISTS fire

TODAY'S TOP
  1. "Why Was I Held Hostage?" — VeryDarkMan Blasts GTBank Over EFCC Arrest Ordeal (Video)

  2. Lady Calls Out JAMB After Mysterious Overnight Change in Brother’s UTME Result

  3. "How My Mother’s Lover Rap3d Me" — 12 Year Old Victim Narrates Ordeal

  4. Football Star, Lionel Messi-Marriage Rumours Stir Online Frenzy As Divorce Speculations Grow

  5. Ex-AUN Provost, Professor Yusuf Attahir Baba Loses Three Children in Devastating Car Crash

  6. Female Kidnapper, Three Others Nabbed in Police Raid on Notorious Anambra Criminal Hideout

  7. El-Rufai &Peter Obi Meet At Cambridge Conference, Sparking Political Speculation Ahead Of 2027

  8. Fresh Wave of Violence In Benue As Herdsmen Attacks Leave Nine Farmers Dead

  9. Federal Government Sets Plans In Motion To Repatriate 15,000 Stranded Nigerians Abroad

  10. NDLEA Officer Arrested After Failed Armed Robbery Attempt, Shooting Of Bolt Driver in Abuja

  11. JAMB Faces Legal Heat as Aggrieved Candidates Drag Board to Court Over Low UTME Scores


THIS WEEK
  1. 18Yr Old Boy Impregnates 10 Girls, Including His Boss' Daughter After He Was Sent To Learn A

  2. "Many Have Suffered From Stroke" -Pastor Oyakhilome’s Sermon On Salt Sparks Heated Debate (Vid)

  3. VDM And I Are Officially Married - Actress Sarah Martins Drops Bombshell

  4. LA HOTTIE! Davido’s Wife, Chioma Adeleke, Flaunts Her Hot Bod In Lovely New Photos

  5. "Why I Would Choose Davido Over Burnaboy, Wizkid" – Singer, Zinoleesky

  6. 'Some Men Are Praying For Their Wives To Die So They Can Marry Another' -Nigerian Man Blows Hot

  7. Nollywood Star, Uche Ogbodo Undergoes 'BBL & Tummy Tuck'; Shares Recovery Journey (Video)

  8. I’m Married To Jesus — Pretty Reverend Sister Tells Asaba Boys Asking For Her Number (VID)

  9. What God Said I Should Tell You..- Female Bishop Sends Warning to Gospel Singer Mercy Chinwo

  10. Kunle Remi Reacts To Trending Video Showing The Toilet In A ‘Luxury Apartment’ In Lekki, Lagos


TOP MEMBERS:

Featured Discussions