Nigeria Lost 60% Revenue To Covid-19 Pandemic – Buhari
...fuel price now n161 per litre
TAYO ELEGBEDE AND IBUKUN IGBASAN
Nigerian president, Muhammadu Buhari Thursday gave an insight into the current state of the nation’s finances, announcing that the nation recorded a massive drop of 60 per cent in government revenue due to the COVID-19 pandemic.
The drop in government revenue, according to the president, is due to a significant drop in the foreign exchange earnings and internal revenues.
Speaking during his nationwide Independence Day broadcast, President Buhari stated that Nigeria’s public health was stressed in containing the spread of the coronavirus.
“In addition to public health challenges of working to contain the spread of the Coronavirus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and a steep drop in economic activities, leading to a 60 per cent drop in government revenue, he said.
He added that the government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.
In view of the falling revenue, President Buhari declared that the current level of petroleum prices was no longer possible and accordingly declared that the country’s petroleum prices are to be adjusted.
“We sell now at N161 per litre. A comparison with our neighbours will illustrate the point;
“a. Chad which is an oil-producing country charges N362 per litre;
“b. Niger, also an oil-producing country sells 1 litre at N346;
“c. In Ghana, another oil-producing country, the petroleum pump price is N326 per litre.”
He further noted that the fuel costs N211 per litre in Egypt and N168 per litre in Saudi Arabia.
“It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia,” he added.
Speaking on the administration’s achievements since coming into office, the Nigerian leader said the government had introduced unprecedented measures in support of the economy and to the weakest members of the society in the form of Tradermoni, Farmermoni, School feeding programme, job creation efforts, and agricultural intervention programmes.
“No government in the past did what we are doing with such scarce resources. 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 criticize our efforts,” Buhari said.
On insecurity across the nation, President Buhari reiterated his commitment to his constitutional oath of securing the lives and properties of the citizenry.
He also called on the citizenry to support the government by providing the necessary community-level intelligence in addressing these challenges.
He assured that the government will strengthen the economy to provide sustainable means of livelihood for as many Nigerians as possible so as to eradicate absolute poverty from our midst.
He said, “I want to re-emphasize my dedication and commitment, dedication and commitment that propelled my public service career and informed my quest to continually seek for an opportunity to improve the lives of Nigerians, set the country on the path of prosperity and lead the country to a better future.
“This administration has been focused on rebuilding and laying the foundations for a sustainable Nigeria. Of course, we have met and are still meeting the challenges inherent in any rebuilding initiative – more so that of a nation like Nigeria that has undergone avoidable levels of deprivation – but can be surmounted if we all work together.
“Nigeria is not a country for Mr. President, any ruling or opposition party but a country for all of us and we must play our part, irrespective of challenges we face, to make this country what we desire.”
In order to make the country what the people desire, President Buhari advised the citizens to focus their minds on ways of resolving the identified critical challenges that underlie the present state.
These, according to him, include:
* Evolving and sustaining a democratic culture that leaves power in the hands of the people;
* Supporting the enthronement of the rule of law, demanding accountability of elected representatives and contributing to good governance;
* Increasing our commitment to peaceful co-existence in a peaceful, secure, and united Nigeria;
* Harnessing and optimizing our tremendous human and natural resources to attain our goal of being in the top twenty economies of the world and in the process;
* Lifting 100 million Nigerians out of poverty in 10 years;
* Strengthening institutions to make them stronger in protecting National Interests; and
* Imbibing tolerance in diversity.
He expressed his firm belief in transparent, free, fair, and credible elections.
He noted that the outcome of the Edo State elections should encourage Nigerians of his commitment to bequeath to the country processes and procedures that would guarantee that the people’s votes count.
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