Nigerian President Muhammadu Buhari has defended the government’s decision to halt support for fuel products and increase electricity prices.

Speaking at the State House conference centre, Buhari said revenues had fallen by almost 60% as a result of the oil sector’s troubles. The economy contracted by -6.1% in the second quarter of this year, he said.

As a result, Nigeria launched an Economic Sustainability Plan. This aimed to reduce the impact of the pandemic on the economy, but also involved “some difficult decisions to stop unsustainable practices that were weighing the economy down”.

One of the steps taken was to deregulate supplies of premium motor spirit (PMS), or gasoline.

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Source: EnergyVoice