Nigeria: Buhari Defends Subsidy Removal, Says Delaying Deregulation Detrimental to Economy

Fuel pump.
7 September 2020

President Muhammadu Buhari Monday in the State House declared "First Year Ministerial Performance Review Retreat," open and expressed the willingness and determination of his administration to provide stable electricity to every home and industry, while considering the economic challenges before individuals, families and businesses.

The president who was represented by Vice-President Yemi Osinbajo said the target of providing 11,000 megawatts by 2023 was realistic and realizable, and would provide a lifeline for many businesses and improve the living conditions of many Nigerians.

A statement by the president's spokesman, Mr. Femi Adesina, said Buhari noted that increase in the price of electricity and deregulation of the petroleum sector were crucial decisions that were taken at the beginning of the year, ahead of the COVID-19 pandemic.

He said continuous delay in implementation of the policy of the "willing buyer, willing seller" and deregulation of the petroleum would be detrimental to the economy, placing the burden of regular light cuts and fuel queues on Nigerians."

Details later...

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