President Muhammadu Buhari don give reason why dem hike the pump price of petrol and electricity tariff .
Tori from DailyPost yarn say, oga Presido say the increment in both petrol and electricity tariffs na due to the COVID-19 outbreak.
Buhari wey dey represented by the Vice President, Yemi Osinbajo disclose this for the ministerial performance review retreat, on Monday, for Abuja.
Make Una read wetin im yarn
“The COVID-19 pandemic has led to a severe downturn in the funds available to finance our budget and has severely hampered our capacity. One of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown was the deregulation of the price of Premium Motor Spirit such that the benefit of lower prices at that time was passed to consumers.
“This was welcomed by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up.”
