WE INCREASED FUEL PRICES BECAUSE NIGERIA IS BROKE..LAI MOHAMMED


The Federal Government has said it increased the price of petrol to raise money to run the system, since the country was broke. 

Government said Nigeria’s foreign earnings had drastically reduced in recent times and that the only way out of its present financial quagmire was to look inwards to generate more money. 

Information Minister, Mr. Lai Mohammed, stated these while briefing newsmen at the end of the Federal Executive Council meeting, chaired by President Muhammadu Buhari, yesterday.

Also at the briefing were Attorney General of the Federation and Minister of Justice, Abubakar Malami; Minister of Power, Works and Housing, Mr. Babatunde Fashola, and Labour Minister, Dr. Chris Ngige. 

Mr. Lai Mohammed said: “The current problem is not really about subsidy removal. It is about the fact that Nigeria is broke. Pure and simple. 

“It is like when somebody who has been earning N100,000 a month 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.”

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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