It Will Be A disaster To Have Cheaper Oil In Nigeria Than Saudi Arabia, It Makes No Sense – Buhari Rants

Major General Muhammadu Buhari (retd) President of Nigeria has said it will make no sense to sell oil; petrol at a cheaper price than that of Saudi Arabia, says the idea is very terrible and a disaster.

President Buhari said this in his delivery speech at Aso Villa, Abuja, on Thursday on the occasion when Nigeria was celebrating the country’s 60th Independent Anniversary.

The report was firs made by Punchngdotcom.

President Muhammadu Buhari said, “Fellow Nigerians, in addition to public health challenges of working to contain the spread of the Corona virus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.”

He continued to say in his speech “Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.”

“In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.”

In addition, President Buhari said ““Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point.”

“Chad, which is an oil-producing country, charges N362 per litre. Niger, also an oil-producing country, sells oil at N346 per litre. Ghana, another oil-producing country, petroleum pump price is N326 per litre. Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre.

“It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.”

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