Nigerians should expect more hikes in fuel prices, President Muhammadu Buhari has suggested.
Those complaining about the recent increase in the price of petrol should quit doing so and look up to countries like Ghana and Saudi Arabia who pay for the commodity than Nigerians do, President Buhari also said.
The president made the comments while addressing the nation on the occasion of Nigeria’s 60th Independence Anniversary.
“Petroleum prices in Nigeria are to be adjusted,” the president said during the October 1 address.
“We sell now at N161 per litre. A comparison with our neighbours will illustrate the point.
“Chad, which is an oil-producing country, charges N362 per litre. Niger, also an oil-producing country, sells 1 litre at N346.
“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,” the president said.
Some Nigerians may complain that Saudi Arabia’s economy is better than Nigeria’s. But President Buhari, earlier in his speech, explained how he, unlike previous presidents, is reviving Nigeria’s economy with limited resources.
“No government in the past did what we are doing with such scarce resources,” President Buhari said.
“We have managed to keep things going in spite of the disproportionate spending on security.
“Those in the previous Governments from 1999 to 2015 who presided over the near destruction of the country have now the impudence to attempt to criticize our efforts.
“In the circumstances, a responsible government must face realities and take tough decisions,” President Buhari said.