Prof. Yemi Osinbajo
Speaking at the public presentation of 'Anatomy of Corruption in Nigeria: Issues, Challenges & Solutions',
a collection of essays edited by Yusuf O. Ali, (SAN) yesterday, Vice
President, Yemi Osinbajo gives insight into President Muhammadu Buhari’s
stand on increase in the pump price of petrol.
The vice president who disclosed that as one who had always kicked
against hike in the price of petrol, his boss had no choice but to
succumb to the increment last week, adding that it was the hardest
decision Buhari had to make.
He gave reasons for the increment as inadequate foreign currency
and that even if all four refineries in the country worked at optimal
levels, they would only be able to meet 40 per cent domestic
consumption.
"If there is one person in Nigeria who believes that petroleum prices should not go up by one naira, it is President Buhari," he said.
Osinbajo reiterated that the president simply had no other option
than agree to the increase and added that although Buhari did not want
the fuel price to go up, "he was left with no choice. What can we do if we don’t have foreign currency, we have to import fuel?"
The vice president also gave reasons why importation of fuel will not abate soon.
"Even if we repair our refineries today, we would still be able to
refine 40 percent of our petroleum, so, we still need to import. In the
absence of foreign exchange and you have to import your refined
petroleum, what are you left with? A lot of the problems associated with
the refineries are corruption related," he said, noting that corruption 'explains why many states are owing salaries and continue to owe salaries.'
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