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  • Updated: September 07, 2020

Fuel Price Hike: Government Not Insensitive To The People's Condition- Buhari

Fuel Price Hike: Government Not Insensitive To The People's

President Muhammadu Buhari has said that his administration is not insensitive to the people's condition and the very difficult economic situation currently rocking the country.

Buhari who spoke through his Vice, Yemi Osinbajo on Monday at the start of the first-year Ministerial performance review retreat holding in Abuja, said that his administration was not going to inflict hardship on Nigerians.

Buhari's comment is coming in the heat of the recent increase in Fuel price and Electricity Tariff.

Read Also: Fuel Price Hike: Former APC Spokesman Asks NLC, TUC Others To Shutdown Activities

He further revealed that ha had directed Ministers and senior administration officials to immediately implement the Economic Sustainability Plan (ESP) so as to reduce the sufferings of Nigerians

“This government is not insensitive to the condition of our people and the very difficult economic situation and we will not inflict hardship on our people.

“In this regard, the Central Bank of Nigeria (CBN) has created credit facilities (of up to N100B) for the Healthcare (N100 Billion) and Manufacturing (N1 Trillion) sectors.

“From January 2020 to date, over N191.87B has already been disbursed for 76 real sectors projects under the N1Trillion Real Sector Scheme; while 34 Healthcare projects have been funded to the tune of N37.159B under the Healthcare Sector Intervention Facility.

“The facilities are meant to address some of the infrastructural gaps in the healthcare and manufacturing sector as a fall out to the COVID-19 pandemic and to facilitate the attainment of the Governors 5-year strategic plan,” Buhari said.

Further decrying the rate at which the country's revenue and foreign exchange had dropped by almost 60 percent since the COVID-19 pandemic started, Buhari said this was a trying time for the government in particular.

“For the government, it has been a particularly trying time,” Buhari said. “As a result of the poor fortunes of the oil sector, our revenues and foreign exchange earnings have fallen drastically. Our revenues have fallen by almost 60 percent.

“Yet we have had to sustain expenditures, especially on salaries and capital projects, in order to keep the economy going.”

The President said his administration adopted a N2.3 trillion economic sustainability plan to mitigate the effect of the economic slowdown.

The plan, which consists of fiscal, monetary, and sectoral measures, is expected “to enhance local production, support businesses, retain and create jobs and provide succor to Nigerians, especially the most vulnerable.”

“But we have also had to take some difficult decisions to stop unsustainable practices that were weighing the economy down,” he said.

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