FG reviews fuel price to N97

After careful and prolonged dialogue with the leaders of the organised labour sector, the Federal Government has reviewed the price of the Premium Motor Spirit (PMS), petrol downward to N97 per litre.

The Petroleum Products Pricing Regulatory Agency (PPPRA) has also been directed to immediately ensure compliance with this new pump price.

The announcement will be made this morning by President Goodluck Jonathan during his second national broadcast for the second time in two weeks.

This is even as the president will announce that in tackling corruption in the oil sector, all those found to have contributed one way or the other to the economic adversity of the country will be dealt with in accordance with the law.

He will say that government took the decision for a downward review of the pump price of the PMS as it was becoming clear that some other interests had hijacked the initial peaceful protest by the organised labour sector, preventing an objective assessment and consideration of all the contending issues for which dialogue was initiated by government. 

“However, given the hardships being suffered by Nigerians, and after due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to N97 per litre.

“It has become clear to government and all well-meaning Nigerians that other interests beyond the implementation of the deregulation policy have hijacked the protest. These same interests seek to promote discord, anarchy, and insecurity to the detriment of public peace” he will say.

“This is the second time in two weeks I will address you on the deregulation of the downstream petroleum sector. In the last seven days, the nation has witnessed a disruption of economic activities.  Although, the economic imperatives for the policy have been well articulated by government, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) went ahead to declare a nationwide strike.

“There was also near-breakdown of law and order in certain parts of the country as a result of the activities of some persons or groups of persons who took advantage of the situation to further their narrow interests by engaging in acts of intimidation, harassment and outright subversion of the Nigerian state. I express my sympathy to those who were adversely affected by the protests” the President will announce.

The President is unhappy about the refusal of the labour unions to have an early dialogue with the federal government and stated that  at the “inception of the deregulation policy, Government had set up the Justice Alfa Belgore Committee to liaise with Labour and other stakeholders to address likely grey areas in the policy, but despite all our efforts, Labour refused the option of dialogue and also disobeyed a restraining order of the National Industrial Court of Nigeria.  However, following the intervention of the Leadership of the National Assembly, and other well-meaning Nigerians, Labour accepted to meet with government, but this yielded no tangible result”.

The president urged Nigerians to show understanding for the imperatives of the adjustment in the pump price of petrol and give government your full support to ensure its successful implementation.

“I further appeal to Nigerians to go back to work and go about their normal duties as government has made adequate arrangements for the protection of life and property throughout the federation” he said adding that “Government will not condone brazen acts of criminality and subversion. As President, I have sworn to uphold the unity, peace and order of the Nigerian State and by the grace of God, I intend to fully and effectively discharge that responsibility.  Let me add that we are desirous of further engagements with Labour. I urge our Labour leaders to call off their strike, and go back to work”.

After all is said, the president added that the federal government will continue to pursue full deregulation of the downstream petroleum sector.

While stating that government is working hard to cut its recurrent expenditure in line with current realities and to cut down on the cost of governance, he said the legal and regulatory regime for the petroleum industry will be reviewed to address accountability issues and current lapses in the Industry.

“In this regard, the Petroleum Industry Bill will be given accelerated attention. The report of the forensic audit carried out on the NNPC is being studied with a view to implementing the recommendations and sanctioning proven acts of corruption in the industry” he said adding that “ Let me assure Nigerians that this administration is irrevocably committed to tackling corruption in the petroleum industry as well as other sectors of the economy” he said.

Yesterday night, President Jonathan held an emergency meeting with Governors of the 36 states.

In attendance at the meeting were some members of the Federal Executive Council (FEC), who are members of the Federal Government Economic Management Team, headed by Dr. Ngozi Okonjo-Iweala 

Governors in attendance include those of Anambra, Akwa Ibom, Ondo, Benue, Imo, Katsina, Kaduna, Bauchi, Cross River, Kogi, Sokoto, Edo, Enugu, Delta, Rivers, Ebonyi, Delta, Nasarawa, Oyo, Ogun, Niger, Taraba, Zamfara, Lagos, Gombe, Kebbi! Plateau, Jigawa,

Earlier in the day, President Jonathan had presided over this year’s Armed Forces Remembrance Day wreath laying ceremony after which he met with the nation's Defence and security chiefs in his official residence.

Those who attended the meeting include the National Security Adviser, Gen Andrew Owoye Azazi, Chief of Defence Staff (Air Chief Marshal Oluseyi Petinrin), the Service Chiefs - (Lt Gen Azubike Ihejirika (Army), Vice Admiral Ola Sa’ad Ibrahim (Navy) and Air Marshal Mohammed Dikko Umar (Air Force) and the Inspector General of Police, Hafiz Ringim.

Efforts by State House Correspondents to get the views of the Governors proved futile as they all refused to speak on the issues discussed.

However, Governor Babatunde Fashola of Lagos state who spoke on the meeting hinted that the President’s broadcast will unveil the decision to Nigerians.

A federal government’s delegation also met with members of the organised labour sector for final negotiations before the national broadcast was made.