President Buhari stated the increment in both and electricity tariffs was due to the COVID-19 outbreak.
The president who was represented by the Vice President Yemi Osinbajo stated this at the ministerial performance review retreat.
Buhari said the pandemic led to a downturn of funds to finance the country’s budget.
According to him COVID-19 pandemic has led to a severe downturn in the funds available to finance budget and has severely hampered our capacity.
He also said one of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown was the deregulation of the price of Premium Motor Spirit such that the benefit of lower prices at that time was passed to consumers.
He added that the effect of deregulation though is that PMS prices will change with changes in global oil prices and when global prices rose it meant that the price of petrol locally will also go up.
On the issue of hike in electricity tariff President Buhari said that he was not happy with the quality of service being offered by the Distribution Companies of Nigeria and his administration was pursuing a mass metering program to provide meters for over 5 million Nigerians.
Buhari said protecting the poor and vulnerable while ensuring improved service in the power sector remained a major priority for his administration.