NLNG Corporate Caring banner First bank SME Connect Fidelity bank card banner Emerald Energy Institute Camano banner

Fuel Price Hike: Buhari’s hands tied, says Osinbajo

By News Express on 18/05/2016

Gmail icon

Views: 1,877

Vice President Yemi Osinbajo give insight into President Muhammadu Buhari’s stand on increase in the pump price of petrol yesterday.

Osinbajo said as one who had always kicked against hike in the price of petrol, his boss had no choice but to succumb to the increment last week.

The vice president said it was the hardest decision Buhari had to make.

Osinbajo laid this bare at the public presentation of Anatomy of Corruption in Nigeria: Issues, Challenges & Solutions, a collection of essays edited by Yusuf O. Ali, (SAN) yesterday.

He gave reasons for t he increment inadequate foreign currency and that even if all four refineries in the country worked at optimal levels, they would only be able to meet 40 per cent domestic consumption.

“If there is one person in Nigeria who believes that petroleum prices should not go up by one naira, it is President Buhari.”

Osinbajo reiterated that the president simply had no other option than agree to the increase and added that although Buhari did not want the fuel price to go up, “he was left with no choice. What can we do if we don’t have foreign currency, we have to import fuel?”

The vice president also gave reasons why importation of fuel will not abate soon.

“Even if we repair our refineries today, we would still be able to refine 40 percent of our petroleum, so, we still need to import. In the absence of foreign exchange and you have to import your refined petroleum, what are you left with? A lot of the problems associated with the refineries are corruption related,” he said. He noted that corruption “explains why many states are owing salaries and continue to owe salaries.”

Stressing the consequences of corruption, Buhari’s deputy said: “When you consider that today, Nigeria’s reserves stands at about $27 billion and we are investigating $15 billion from one sector alone, that is over half of the entire reserves of the country. We are investigating cases which shows that over $15 billion was lost in one type of contract alone. We are not talking of oil contracts, we are talking of security related contracts alone. We have not talked at all about oil contracts involving several billions.”

•Excerpted from a Daily Sun report. Photo shows Vice President Osinbajo.


Source News Express

Posted 18/05/2016 05:02:02 AM





You may also like...
IGP keeps mum on Melaye, commissions police estate...

2019: Remain united, peaceful, Okowa urges Deltans

Ex-Adamawa Governor James Ngilari granted N100 million bail...

Chinese billionaire arrested in US for alleged sex...

UNIOSUN Alumni rejects renaming of school after late...

Buhari, Ghanaian President for UNILORIN’s 40th Anniversary, 31st...

Ex-DSS boss dies after protracted illness

‘I’m sorry for hurting your feelings’: NOW THAT...

Atiku Vs Buhari : Tribunal begins hearing Wednesday...

Deadly stampede at TB Joshua’s church

Breaking News: Buhari crushes Atiku, others, picks APC...

Shittu, Adeosun: Your Presidency stinks, PDP tells Buhari...


Latest News BREAKING: Edo APC suspends Oshiomhole following vote of no confidence Three actors stabbed on stage IGP, INEC chairman tear gassed in Lokoja Policeman who supplies drugs to Boko Haram nabbed Rat holds up flight for 12 hours Gombe Assembly deputy speaker impeached Trousers palaver: Reinstate dismissed Corps members, HURIWA tells NYSC Bayelsa poll: Court disqualifies APC deputy governorship candidate How a preacher sent gunmen into schools Drama as tricycle operators waylay senate president Camera nails policeman collecting N15,000 bribe Ghanaian traders shut more Nigerians' shops


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (561,474 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (451,692 views) Shameless Genevieve Nnaji exposes breasts in public (400,638 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (334,674 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (303,030 views) 10 cars more expensive than Jets (279,157 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (258,426 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (256,517 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (238,022 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (224,352 views) Lagos plane crash: Journalist releases victims’ names (200,988 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (197,838 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (108) Business & Economy (4,562) Business Verdict (86) Columnists (1,142) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (702) Features (844) Global Business Monitor (493) ICT Monitor (67) International (4,194) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (481) News (53,870) Opinion (1,418) Pidgin (17) Politics (11,690) Religion (1,118) Sports (2,221) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera