President Bola Ahmed Tinubu has explained to Nigerians living in China why his administration jacked up the price of petrol.
President Tinubu who rounded off his official visit to Beijing told listening citizens that his government had no other choice than to increase the price of the production in order to build good roads and other infrastructures like they have in China. Petrol now goes for between N879 and N1200 depending on location across the country.
“But can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality,” Tinubu said.
“You see water supply, constant and running, and you see their good schools. And we say we want to hand over a banner without stain to our children?
“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?
“The more you want everything free, it will become more expensive and long delayed to achieve meaningful development.’’
Meanwhile, the Manufacturers Association of Nigeria said the hike will exacerbate the rising cost of living and production in the country.
“The increased costs could force some to scale down operations or even shut down if they are unable to pass on the additional costs to consumers,” MAN director-general, Segun Ajayi-Kadir stated.
“Businesses may need to adjust their pricing strategies, which could lead to reduced profit margins if consumer demand weakens.”
