Federal Government on Wednesday summed up the reasons for the all-time increase in the pump price of fuel, saying that it was broke and needed to raise money to keep the system afloat.
The government said that Nigeria’s foreign earnings had drastically waned in the recent times that the only way out of the financial quagmire was to look inwards to generate more money.
Information Minister, Mr. Lai Mohammadu made the disclosure while briefing the State House Correspondents alongside his colleagues, the Attorney General of the Federation, AGF and Minister of Justice, Abubakar Malami and Minister of Power, Works and Housing, Mr. Babatunde Fashola and Labour Minister, Dr. Chris Ngigie at the end of the Federal Executive Council meeting, chaired by President Muhammadu Buhari. The Council met to review most contemporary national issues which prominently revolved around the fuel hike, its attendant challenges and industrial action by the Nigerian Labour Congress, NLC.
He said: “The current problem is not really about subsidy removal. It is about that Nigeria is broke. Pure and simple! “It is like somebody who has been earning N100,000 a month and he is faced with a situation where his employer says henceforth you will be earning N10,000 a month.
He would need to make some very painful decisions and some very painful adjustments. That is the situation with Nigeria today.
“A few months ago, we were earning as much as $100 for every barrel of crude. In the months of February and March, we were short of…so, we no longer have the resources, the foreign exchange to bring in refined fuel products.
And our economy is shrinking. “We appreciate the fact that the decision is going to affect everybody. We appreciate what we are going through, but Nigerians should also know that the government has the responsibility at times to take very difficult decisions.
So, it is not always about popularity.” Also speaking, the Minister of Labour, Ngige denied allegations that the government was encouraging labour factionalism by negotiating with both Ayuba Wabba and Joe Ajaero led factions at separate meetings to forestall the planned strike. Ngige said the door was still open for talks with the federal government. “We are ready to discuss with anybody even civil society groups.
We as government will not encourage factionalism, if for anything we are unifying them by bringing them together to talk about issues that concern their unions and Nigerians. We have a right to talk to whoever we want.
“We will open our doors to them for negotiations when they come back” Ngige said. The Minister also revealed that FG has agreed to reconstituted the Board of Petroleum Products Pricing Regulatory Agency (PPPRA) which was one of the demands of the NLC. According to Nigige, the reconstitution would be done within a fortnight from now to accommodate input from Labour in the new development.
Similarly, the AGF, Malami discountenanced criticisms arising from the federal government legal approach for injunction against the industrial action, saying it was necessary especially as NLC did not give the government the constitutional 15 days notice. Click to signup for FREE news updates, latest information and hottest gists everyday
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GMB should won is minister to know how to speak to us.this type of d word is not good enough Nigeria is broke pure and simple.
ReplyDeleteThat goatChukwu and Liechukwu just open thier bucal cavity to vomit nonsence. They have ni gumption.
DeleteThat goatChukwu and Liechukwu just open thier bucal cavity and vomit nonsence. They have no gumption.
Delete#GodWillFight4Us#
Kachikwu said its deregulation or subsidy removal. That anybody can now have Licence to refine or to import petrol.
ReplyDeleteLai abi na lie lie Mohamed is saying it's not subsidy removal rather nigeria is broke and economy shrinking. APC, a house built on lieeeeessssssss cannot stand.
Useless Cowards and exploiters saying two parallel things. So it is we that should suffer your incapability and insufficiency? Instead why can't the excecutive and NASS reduce thier monthly pays to #50000 per person if Nigeria will not have enough money to fix our unfixed? When all was going well did the masses enjoy it? Useless Goats. Shame on you people.
ReplyDelete#GodWillFight4Us#
So u people want to collect from us to survive and at the end I know u will make mouth u do this n that. But d truth is that wat so ever u do know that is from d money u collected from d poor masses. There is God oooooooo.
ReplyDeleteWO! Is it because Nigeria is broke that you wanted to borrow more than 13 million naira from Bank NBC inspire of TSA for five of you to go for a two day jamboree in China? God dey oooo! Make una Fear God. Liars and political 419ers and incompetent and wicked people. APC! Change! Our Change don turn to Shame and misery. Nigerians sorry oo! This na one chance people and party.
ReplyDeleteAPC and Buhari had failed woefully. They are bunch of failures. Industrial Actions continues today. Lai Muhammad, Nigeria is broke but you are seeking 13 million Naira loan for your China trip. Your Oga is busy touring the whole country of the world aimlessly, Nigeria is broke ooh. Fools. Nigerians will now suffer ur failure in govt by exorbitantly hiking the price of petrol. When GEJ was doing it, you were busy running ur mouth against him, now you've seen it is not easy.
ReplyDeleteWhen you lie, you need two additional to cover the first and another four lies to cover the two. Lier Mohammed, APC, lying liers. you will all pay for this evil and lies against Nigerians.
ReplyDeleteIf Nigeria is broke then government thinks the only way to come out of this is to extort and exploit the poor masses.
ReplyDeleteYou Lai Mohammedi with due respect, how many of your allowances have you cut down in order to increase the Nigerian purse. With all sincerity do you pay bills and buy fuel out of your income.
A lot of extortion of money from the masses is going on in this government.
ReplyDelete1.fuel subsidy removal.
2.Mandatory National Housing Fund by all employees of public and private sector
3.mandatory 50 Naira stamp duty deduction for any money transfer or bank transaction.
and many more.