It Makes No Sense For Oil To Be Cheaper In Nigeria Than Saudi Arabia — President Buhari

President Muhammadu Buhari has justified the recent increase in price of petroleum products in the country, adding that a responsible government must face realities.

In his Independence Day Speech on Thursday, October 1, 2020, President Buhari said that the price of petrol in Nigeria, is fair when compared to other oil producing countries.

He stated that it makes no sense for Nigeria to sell petroleum products at prices lower than those sold in neighbouring oil producing countries.

“Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point:

“Chad which is an oil producing country charges N362 per litre, b. Niger, also an oil producing country sells 1 litre at N346. c. In Ghana, another oil producing country, petroleum pump price is N326 per litre.

“Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia,” Buhari said.

Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.

— Muhammadu Buhari (@MBuhari) October 1, 2020

CHECK OUT: Full Text Of President Buhari’s 60th Independence Day Anniversary Speech To Nigerians

Meanwhile, President Buhari’s justification for the new pump price of petrol in the country have sparked outrage among Nigerians on social media.

Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia… Muhammodu Buhari#NigeriaAt60 pic.twitter.com/VRbmY7WVmQ

— 💚BELOVED™ (@beloved9ty) October 1, 2020

General @MBuhari‘s Independence Day broadcast said “It makes no sense for oil to be cheaper in Nigeria than in S Arabia.” Does Saudi Arabia have 10 Presidential jets, like him? Do they budget $500 million to renovate NTA? Or give their NASS ₦140 billion a year?#BuhariTormentor

— Reno Omokri (@renoomokri) October 1, 2020

Minimum wage is Saudi Arabia is 3000 riyals and that’s over N300,000 sir. It makes sense to charge N168 per liter there but in Nigeria, minimum wage is N30,000. Does it make sense to charge N161 per liter?? https://t.co/KjYVWHd7BS

— The Hair Plug (@Msmenalicious) October 1, 2020

Don’t arrest me but do you know the minimum wage in Saudi Arabia? https://t.co/EIiozDuigE

— Imoh Umoren (@TheImoh) October 1, 2020

Today, Buhari justified his oil price surge by citing Saudi which charges N168 and said “It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.”

But he forgot to mention that the minimum wage in Saudi is R3,000 which is N305,126.

Pay N305,126. We’ll pay N168.

— Bulama Bukarti (@bulamabukarti) October 1, 2020

They said Saudi Arabia charges N168 per litre.

But:
• Minimum wage in SA is 3000 riyal (₦305,000)
• Saudi Arabia enjoys 24/7 uninterrupted power supply
• Saudi Arabia pays it’s citizens

They never said!!! Sigh…#Nigeria60AndUseless

— Obi Of Onitsha🇨🇦 (@Uncle_clique) October 1, 2020

This comparison with Saudi Arabia and other countries really doesn’t make sense. Do they buy fuel for generators everyday? Do they drive on bad roads? Our standard of living is NOT the same. Very irrational comparison.

— Wale Adetona (@iSlimfit) October 1, 2020

President Buhari forgot to mention that the minimum wage in Egypt is higher than Nigeria’s. He also forgot to mention that minimum wage in Saudi Arabia is 10x Nigeria’s.

I don’t know why a president would be saying those things on Independence Day.

What affliction is this?

— Yung Ògògó🇳🇬 (@akintonmide) October 1, 2020

Mr President,

Should we list other things that doesn’t make sense also happening in Nigeria and not in other countries.

Do you know Nigerians are being kidnapped daily by both civil criminals and police criminals.

Does cost of governance make sense in Nigeria? #NigeriaAt60

— Tosin Olugbenga (@TosinOlugbenga) October 1, 2020

So Fuel wasn’t more expensive in Saudi Arabia back in 2012?. Werey dey disguise

— Ayobami Ayobami (@dondekojo) October 1, 2020

1 dollar = 3.75 Saudi riyal
1 dollar = 5.79 cedis
1 dollar = 380 NGN

Mr President is Comparing the Petrol Prices of Saudi Arabia and Ghana using our regressed Exchange rate to convert.

-Their Minimum wage is higher
-Their cost of Living lower.

Compare everything else please

— DANNY WALTER👑🎠 #ShoePlug (@DannyWalta) October 1, 2020

KanyiDaily recalls that the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) have scheduled next week Monday, for industrial action and nationwide rally to protest increases in the prices of petrol and electricity in the country.