The Presidency has explained why President Buhari, during his national broadcast on Independence Day, compared the fuel price in Saudi Arabia to that of Nigeria.
The Presidency also highlighted that it is unfair and unwise for the government to subsidize city dwellers’ fuel prices and left the farmers and herders who have no generators or cars with nothing.
President Buhari has said the fuel price will now be N161 per liter in Nigeria during the broadcast. He noted that other oil-producing countries like Niger, Ghana, Chad, Saudi Arabia, etc. sell petrol prices higher than Nigeria.
The Senior Special Assistant to the President Media and Publicity, Garba Shehu, during his appearance on Channels TV on Friday, was asked why Buhari made the comparison said, “We belong to a global market system. We are buying mostly our refined products from the international market.
“Is it fair that the taxpayers’ money…how many Nigerians have cars anyway? How many of them run generators in their homes that they need this fuel for?
“Is it fair that the farmer, herders, and low-level people in the society that the taxpayer money is taken from them is subsidizing the lifestyle of our city urban dwellers? So these are.. the President is just trying to be as practical on these matters as possible
“So Saudi Arabia is important in this discussion because what is the technological cost of producing a barrel of oil in Saudi Arabia?
“It’s not more than a quarter of what we spend here, and yet you see them charging more than Nigeria. How much comes to Nigeria when you look at our technical cost? …”