President Muhammadu Buhari has announced a new pump price of petrol in his Independence Day speech.
Buhari said fuel would now be sold at N161 per litre in Nigeria, justifying the price with regards to other oil producing Nations which sell at a much higher rate.
He blasted previous governments from 1999 to 2015 for speaking ill of his administration when theirs did not fare much better.
He noted that his administration, despite scarce resources has done more than other governments in the past.
Buhari said his government has managed to keep things going irrespective of the disproportionate spending on security.
He explained that the past adminstrations had their chance, but failed to develop or take the country to a greater height.
“Those in the previous governments from 1999-2015 who presided over the near destruction of the country have now the impudence to attempt to criticize our efforts.”
Buhari said that in the circumstances, a responsible government must face realities and take tough decisions.
“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbors will illustrate the point.
“Chad which is an oil producing country sells 1 litre at N362.
“Niger, also an oil producing country charges N346 per litre.
“In Ghana, another oil producing country, petroleum pump price is N326 per litre.
“Further afield, Egypt charges N211 per litre, Saudi Arabia charges N168 per litre.” It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.
Buhari noted that for the country to grow and achieve great things, Nigerians need to solidify their strength, increase their commitment and encourage themselves to do that which is right.