President Muhammadu Buhari says Nigeria cannot sustain its “low” pump prices of petrol amid shrinking revenue and poor foreign exchange earnings.
The president said this in his address on the occasion of Nigeria’s 60th independence anniversary on Thursday.
Mr Buhari said Nigeria suffered a significant drop in foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities as a result of the Covid-19 pandemic.
These developments, he said, led to a 60 per cent drop in government revenue.
“In this regard, sustaining the level of petroleum prices is no longer possible,”
“The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.