By Lillian Ogbonna (AGENDAWATCHDOG) – President Buhari has admonished Nigerians not to misconstrue the timing of the recent petrol and electricity tariff increases in the country, adding that his administration’s policies such as the Social Investment Programmes (SIPs) and other socio-economic schemes were geared towards bettering the lives of Nigerians.
The President made the stated on Monday in Abuja, at the first-year Ministerial Performance Review Retreat, where he was represented by the Vice President, Professor Yemi Osinbajo.
According to President Buhari: “There have been some concerns expressed about the timing of these two necessary adjustments.
“It is important to stress that it is a mere coincidence in the sense that the deregulation of PMS prices happened quite some time ago, it was announced on 18 March 2020 and the price moderation that took place at the beginning of this month was just part of the on-going monthly adjustments to global crude oil prices.
“Similarly, the review of service-based electricity tariffs was scheduled to start at the beginning of July but was put on hold to enable further studies and proper arrangements to be made”.
The President, while disclosing that the implementation of a ‘Willing Buyer, Willing Seller Policy’ for the power sector, had created room for better distribution of electric power to homes and industries, added that the government was also executing some critical projects through the Transmission Rehabilitation and Expansion Programme, which would result in the transmission and distribution of a total of 11,000 Megawatts by 2023.