President Muhammadu Buhari has expressed that the removal of subsidy on petrol and electricity was to eliminate corruption associated with subsidies.
This is coming following the public outcry, which greeted the recent increase in petrol pump price and electricity tariff.
This was made known in a statement released by the President’s spokesman Garba Shehu.
He explained that the removal of subsidy on petrol and electricity was to “stop the mismanagement of taxpayer money.”
“There is nothing new in the fact that the country is today fighting multiple challenges along with COVID-19, including low earnings, near-collapse of the oil market, floods, threats of terrorism and banditry but the challenges notwithstanding, a good government must take decisions for the people’s good.”
The price of petrol increased to N160 per litre from N145, while electricity increased to about N62 per kilowatt-hour.