The pump price of petrol has been jerked up by the Federal Government.
Also jerked up is the tariff that Nigerians are to pay for the consumption of electricity.
The new price regimes are coming against the backdrop of efforts by the Federal Government to deregulate the economy and encourage the interplay of market forces.
The implication is that subsidies which had been part of a deliberate policy to shield Nigerians from market realities have been removed.
Henceforth, Nigerians are to pay between N159 and N162 per litre of petrol at filling stations spread across the country.
The Minister of State for Petroleum, Chief Timipre Sylva who announced the new price regime disclosed that market forces would determine how much Nigerians are to pay for the product.
The Minister stressed that Nigerians would pay more when oil prices rise and less when fuel prices fall, saying that this is part of the reality that deregulation brings to the table
Nigerians are similarly expected to pay some more for the consumption of electricity.
The increases have sparked off a nationwide reaction, with experts saying the new plan could engender growth while others, including politicians and ordinary Nigerians, disagree with the timing.
Meanwhile, the immediate past Presidential Candidate of the PDP has criticised the increase in electricity tariffs.
“Coming out of the lockdown, Nigerians need a stimulus, not an impetuous disregard for the challenges they face’, Atiku said on Twitter.
” Many Nigerians have not earned an income for months, due to no fault of theirs. This increase is ill-timed and ill-advised”, the former Vice President declared.
Atiku who said, “I reject the increased electricity tariffs” is being urged to lead a national protest to condemn the tariff increase.
The former Vice President is yet to react to demands from a section of the public on Twitter, but Senator Shehu Sani, known for his activism, has said Atiku should go beyond mere rhetoric.
“The energetic Youths want elder Atiku to lead a protest instead of the opposite”, Sani said on Twitter.
Nigerians are expressing dissatisfaction. They say it is a burden taken too far, saying the impact of the COVID-19 pandemic has severely affected earnings.
Bismarck Rewane, an economist, said on Channels that the new steps taken by the government may open doors to investors.
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