The Federal Government on Wednesday summed up the reasons for the all-time increase in the pump price of fuel, saying that it was broke and needed to raise money to keep the system afloat.
According to Vanguard,information Minister, Mr. Lai Mohammadu made the disclosure while briefing the State House Correspondents alongside his colleagues, at the end of the Federal Executive Council meeting, chaired by President Muhammadu Buhari.
“The current problem is not really about subsidy removal. It is about that Nigeria is broke. Pure and simple! “It is like somebody who has been earning N100,000 a month and he is faced with a situation where his employer says henceforth you will be earning N10,000 a month. He would need to make some very painful decisions and some very painful adjustments.
That is the situation with Nigeria today. “A few months ago, we were earning as much as $100 for every barrel of crude. In the months of February and March, we were short of…so, we no longer have the resources, the foreign exchange to bring in refined fuel products. And our economy is shrinking.