It is irresponsible to keep borrowing money to subside the generation and distribution of electricity-Buhari
Post created on 10:07 am
President Muhammadu Buhari has said it is irresponsible to keep borrowing money to subside the generation and distribution of electricity.
The president, who was represented at the first-year ministerial performance assessment retreat by Vice President Yemi Osinbajo on Monday, stated that the country can no longer afford to subsidize electricity and refined petroleum products.
The vice president stated that the government has had to keep supporting the privatised electricity industry due to to the problems of the privatisation exercise.
In the retreat, the vice president said “So far, to keep the industry going, we have spent close to N1.7 trillion especially by way of supplementing tariff shortfalls. We simply do not have the resources at this time to continue in this way. And it will be grossly irresponsible to borrow to subsidize generation and distribution which are both privatized”.
Speaking on, he said “If reasonable provision must be made for health, education, and other social services, we simply cannot sustain petroleum subsidies.”
He said the federal government is not insensitive to the plight of Nigerians but explained that revenues have dropped by almost 60 percent.