The people of Nigeria should brace up for hard times because the hard times will probably get more problematic. This is, evidently, the message within the message, as the FG prepares Nigerians for more hardship.
FG prepares Nigerians for challenging times with fuel price.
Chief Timipre Sylva, the Minister of State for Petroleum Resources, encouraged Nigerians to brace themselves and be ready to endure some pain. This is because the petrol pump price is set to rise, occasioned by the rise in crude oil price, which now stands at $60 per barrel.
Speaking on Tuesday, Sylva explained that there is no provision for subsidy in the 2021 budget. The Nigerian National Petroleum Corporation, NNPC cannot continue to bear the cost of under-recovery.
About 4 months ago, when crude oil was at $43 per barrel, the petrol pump price was set at a range of N160-N165. The minister is saying FG prepares Nigerians because though revenue will increase due to the increase in the price of crude, the gains cannot be given away by way of subsidy payments.
According to him, we take the gains of the increase in crude price as a country, so we should bear the pain of an increase in product prices.