Jonathan To Increase Petrol Price

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President Goodluck Jonathan on Tuesday said the Federal Government would still remove fuel subsidy.

But he said the government would first discuss the proposal with Nigerians before removing the subsidy.

The President said at the Nigeria Summit, which held in Lagos, “We cannot continue to waste resources meant for a greater number of Nigerians to subsidise the affluent middle class, who are the main beneficiaries (of fuel subsidy).

“We believe that as we progress, government is going to continue to enlighten Nigerians on the need to remove fuel subsidy.”

The Federal Government had announced the total removal of subsidy on petrol on January 1, 2012 without prior announcement, raising the price of a litre of the commodity to N141 from N65.

The removal was, however, vehemently rejected by the citizens, who staged weeklong mass demonstrations in major cities of the country, forcing the government to partially remove the subsidy and reduce petrol price from N141 to N97 a litre.

According to the Petroleum Product Pricing Regulatory Agency’s pricing template, the landing cost of a litre of petrol is currently N131.10, with total distribution margins of N15.49, thus bringing the total cost to N146.59.

This means that if the government eventually removes the subsidy, Nigerians will be paying a minimum of N146.59 per litre of petrol at filling stations.

The President also said the government was planning to create 480,000 jobs through its transformation programme this year.

He said, “Fifty per cent of our population is below the age of 35. That is why we established the YouWin programme. The idea is to make entrepreneurs to create jobs for themselves so that one youth can employ more than five youths. Our target is that this programme will create 80,000 jobs.

“Through the SURE-P programme, we are targeting 400,000 jobs this year. This is part of our transformation agenda, which is based on policies and programmes to promote job creation, engender private sector led inclusive growth, and promote peaceful environment. Our ultimate goal is to have everyone occupied in our development programme so as to improve the standard of living of our citizens.”

Jonathan said significant changes were going on in the agricultural sector, encouraged by the reforms, adding that the government was committed to finding sustainable solutions to terrorist threats currently confronting the nation.

He said, “We have adopted a value-chain approach to accelerate the production of staple foods such as rice. The Mortgage Refinance Company will bridge the housing gap in the country and improve the number of mortgages to 200,000 within the next few years from its current 20,000.

“Our economic transformation is not without major challenges. It is important for the business and international community to recognise that these security challenges are part of a rising global phenomenon. Terrorist groups operating within the country are increasingly linked to other groups operating internationally.”

Jonathan said, “The first of our three-prong approach to addressing this menace comprises the strengthening of counter terrorism cooperation with neighbouring countries. Now more than ever before, the international community is giving support in the fight against terrorism.

“Our second approach is openness to political dialogue. This can only be realistic when the groups involved in the act of terror can relinquish their anonymity, come forward and make their objectives known.

“Our third approach is economic inclusion. This strategy targets the disadvantaged and unemployed, particularly in the northern part of the country. We are also diversifying the economy away from oil to agriculture, housing, the creative industry and other sectors that can generate jobs.”

He noted that the three tiers of government were now meeting regularly to appraise government’s anti-corruption fight.

The Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, while speaking on where the agenda for the structural reforms of the economy currently stood, said the Nigerian economy had improved from its 2.3 growth rate when the present administration assumed office in 2003.

She said Nigerians were asking questions and demanding for change, which the present administration was focused on, by putting a system in place to check corruption in governance.

“We are working on fighting corruption, which is about building institutions. This is where other countries are getting it right; it is not as if they don’t have corrupt people. Our system is antiquated and we have to put in place a new system,” the minister said. [Punch]

23 Comments

  • The reality on the ground as regards corruption is far from the fictional presentation by the government. How can a government says she is fighting corruption,when in the actuality its making the environment enabling to perpetrate it? How do we explain the pardoning of Alams that has made Nigeria to become a laughing stock of the international communities? We are a bunch of jokers in this country.

  • Pls GEJ stop telling lies and causing confussion in d country wit d support of ur finance minister,u want to fight corruption while u pardoned DSP Alams and others is dat how u ar going to fight corruption?Last time u increased fuel price u promised dat in few months masses will appreciate uptill now nothing to show,yet u want to increase it again for what now?

  • Frankly, the removal of fuel subsidy will absolutely increase the price tag of commodities thereby causing alot of famine to we the masses.
    Please, our leaders should have mercy on us! The removal of d subsidy will not affect neithe them nor their children because they are the people managing the finance and assets of our dear country.
    Please, Mr. President think twice before you remove fuel subsidy so that it won’t jeopardize ur regime.
    Thanks!

  • Frankly, the removal of fuel subsidy will absolutely increase the price tag of commodities thereby causing alot of famine to we the masses.
    Please, our leaders should have mercy on us! The removal of d subsidy will not affect neither them nor their children because they are the people managing the finance and assets of our dear country.
    Please, Mr. President think twice before you remove fuel subsidy so that it won’t jeopardize ur regime.
    Thanks!

  • Nigerians are in God‘s hand ehtever government wht to let them do but thy shld remember tht we are watching n following d events as they happens. One love

  • mr.president am sorry 2 say dat corruptn is ur middle name,u lack leadership qualities and might be d first president 2b jailed after his tenure in d office…u can fool sum pple but not all d time,watever u sow so shall u reap. Buhari wuld do better than this so called fat nose muff fucker of a presido.

  • 4CKD UP COUNTRY!!! #I don tire 2 dey talk# ..all I knw b say, we hv a SPINELESS, WEAK, CORRUPT, STUPENDOUSLY-FOOLISH IDIOT for a president# No more#No less# *hiss*

  • Mr president, we re tired of these ur empty promises, we are not fools. What have u done since d increment in fuel price? Nothing

  • Let d chairman of orientation agency come up wit masive enlitement on d benefit of subsidy total removal so as to realy infom d pple dat its only a beneft to d car owners while about 90% of nigns do not hav cars and ar not benefting frm d so called susidy…..plz be fast nd remove it

  • Wicked man, may u die with ur nonsense grammar u re speaking. What did u do with d money realise 4rm fuel subsidy?

  • I wonder what regime this is. Is this not democracy? Government of the people by the people and for the people. Instead of this man called president or whatever to serv this country he is feeding on this contry and controlling this country as he desires. May God protect us and guide us.

  • Fuel subsidy, landing cost of imported Nigeria crude oil, corruption, etc etc etc, is it not from the top that this wahala generate? The annoying part of it is that when all these Country’s Elephants are fighting as it is going on now, it is we the common masses the grass that wii suffer. Poor we.

  • Nigeria oh thy country! Whr re we heading towards?.several promises and wishes just 4 their OWN benefits! Which way NIGERIANS?

  • Well done Mr President is a well come development, increase it 200naira per litre, they will vote again in 2015 coz u re frm dere so called zone! I stl dey laugh hahaha

  • GEJ…D OGA AT D TOP PLS DO AM JENTLY WT D CITIZENS… HW I WISH GEN. SANNI ABACHA(R I P) CN DO IT ONCE AGAIN BT (IKU DORO).
    IF U KN U CN NT DEBUG D SYSTEM PLS STOP INPUTIN ERROS

  • GEJ our problem is not fuel subsidy but d fight agst corruption. U set up so many fed universities in dis country dat u can‘t manage, jst bcos u want to hv 1 in ur village. Infact 9ja is too big 4 u to govern.

  • where is fear of God in u ? nawao. b4 we no it now u wl run to redem for prayer do u think u can hide under His grace for long? u are heartless u sold ur conscience to devil. God wl judge u, wt ds insecurity in d country, u dont even border about d boko haram any longer people are dyin in mases God wl judge u nd ur household. wt ur poor background? u of all people u wl nt go unpunishe.

  • What are you saying about this subsidy remover as if the payment is not going to be passed to the poor masses!
    When you remove it the burden goes to the masses that is the implication of the jncreament.
    instead of the government paying the subsidy we poor masses are now made to pay period! and the marketers are still going to smile to the BANK at the expense of the poor masses.

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