OrderPaperToday – President Muhammadu Buhari has said the federal government is not going back on the increases in electricity tariff and price of fuel.
He also said the use of technology and automation as well as more effective monitoring of independently generated revenues will help overcome Nigeria’s fiscal constraints.
Buhari made these known on Thursday while giving his speech at the joint session of the National Assembly on the 2021 budget presentation.
He stated that petrol deregulation and electricity cost-reflective tariffs will address revenue leakages and redirect scarce resources to the poor and vulnerable.
He also added ongoing staff verification exercise with the Integrated Personnel Payroll Information System (IPPIS) as part of the measures the government would not back down on.
He was indirectly speaking to striking varsity lecturers stressing that the verification exercise has closed gaps that encourage ghost workers or pensioners.
On the new petrol pricing regime, the President stated that it “has freed up resources that was allocated to subsidise petroleum products.”
“The service reflective electricity tariffs will help resolve liquidity crisis in the power sector and make the sector attractive to foreign investment. These reforms have released trillions of Naira for allocation to other priority areas”, he added.
The President stated that he “fully understand(s) the difficulties many of our people are going through with the implementation of our reform agenda.
“However, the measures we are implementing are necessary for sustainable public finance, better allocation of our scarce resources and improved public service delivery. As we implement these reforms, social safety nets will be implemented to cushion the effect of the most vulnerable of our citizens as well as business owners.”
According to him, the government is already implementing several measures to overcome fiscal constraints.
Addressing the Petroleum Industry Bill, he said: “Distinguished Senators and Honourable Members, I note, with satisfaction, your determination to promptly consider and pass the Petroleum Industry Bill into law. The enactment of this Bill will boost confidence and attract further investments into our oil and gas sector, as well as increase revenues.”