Protests Suspended As FG Cuts Petrol Price by 30 percent
President Goodluck Jonathan has announced a 30% cut in petrol prices in a bid to end more than a week of nationwide strikes called by unions to protest against an end to fuel subsidies that has caused prices to more than double.
In a nationwide TV broadcast, Nigeria’s President, Goodluck Jonathan said he had to review the pump price in response to the outcry over the hardship caused by the total subsidy removal.
He vowed to investigate the subsidy account with a view to punishing those who fraudulently bled the country and nearly destroyed the economy. He also promised a detailed study of the forensic audit of the account of the Nigerian National Petroleum Corporation.
The study is aimed at curbing corruption in the oil and gas sector of the economy. He promised that his government would pursue the passage of the Petroleum Industry Bill with more vigour to ensure it becomes law to regulate activities in the downstream sector.
