Vice-President Yemi Osinbajo has disclosed that the fuel hike from N86.5 per litre to N145 can be traced to the scarcity of dollars occasioned by the depletion of the foreign reserve by corrupt acts.
He said, “If you have no foreign currency, you have to import fuel. All of our refined petrol today is imported. A lot of problems that affect the refineries are corruption related issues. If we repair our refineries today, we will still only be able to refine 40 percent of our petroleum so we still need to import.
“But the truth is that in the absence of foreign exchange, when you have to import your refined petroleum, what are you left with?
"I think it is important that when we look at corruption and its deleterious consequences, we must relate it directly to what we are experiencing all the time.”
The Vice-President said this at a book presentation in Abuja on Tuesday.
Osinbajo added that it was corruption that made it impossible for Nigeria to build or maintain refineries over the years which has forced the nation to be import-dependent.
Osinbajo said President Muhammadu Buhari fought against increasing pump price for several months but had to finally bow to pressure due to the economic reality. He promised that things would change.
The Vice-President said this at a book presentation in Abuja on Tuesday.
Osinbajo added that it was corruption that made it impossible for Nigeria to build or maintain refineries over the years which has forced the nation to be import-dependent.
Osinbajo said President Muhammadu Buhari fought against increasing pump price for several months but had to finally bow to pressure due to the economic reality. He promised that things would change.
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