President Muhammadu Buhari says it makes no sense for the Premium Motor Spirit (PMS) popularly known as petrol to be cheaper in Nigeria than in Saudi Arabia.
Mr Buhari made the remarks in his Independence day speech he delivered this morning. You can read the full text of his speech here.
“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point,” Mr Buhari said.
“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, the 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 added.
The president who took over in 2015 and was reelected last year, also said none of the past administrations since the return to democracy in 1999, has done what his government is doing with scarce resources.
“No government in the past did what we are doing with such scarce resources,” Buhari claimed.
“We have managed to keep things going in spite of the disproportionate spending on security.
“Those in the previous governments from 1999 – 2015 who presided over the near destruction of the country have now the impudence to attempt to criticise our efforts.
“In the circumstances, a responsible government must face realities and take tough decisions,” he added.