President Muhammadu Buhari has said it makes no sense for Nigeria to sell petroleum products at prices lower than it is being sold in neighbouring countries.
He made this known on Thursday while delivering a speech on the occasion of Nigeria’s 60th Independence Anniversary at Aso Villa, Abuja.
According to him, in addition to public health challenges of working to contain the spread of the Coronavirus, the country has suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.
Buhari said the government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.
The Nigerian leader noted that sustaining the level of petroleum prices is no longer possible.