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| MUHAMMADU BUHARI President, Federal Republic of Nigeria |
Nigeria's President Muhammadu Buhari the federal government has not withdrawn oil subsidy is to avoid worsening the hardship condition for Nigerians.
President Buhari stated this in a special interview with America's Bloomberg Newspaper, published on Tuesday.
When asked why he refused to respond to calls by the International Monetary Fund IMF, and the World Bank for some couple of years to remove oil subsidy and exchange rates to be uniform?
His response was that, "there were still Western countries following the fuel subsidy system, why then do we stop our own now,"
"What foreign countries are struggling with is that they are more focused on written plans, but forget about the impact this has on their communities," he said.
Last year, president Buhari's administration sought to withdraw oil subsidies, "but after consulting with stakeholders on the situation this year, the action is not possible.
He however said, increasing the production of oil resources in the country through the new refineries which are expected to start operating later this year would be very helpful.
On the issue of foreign exchange inflation and the re-exchange rate, president Muhammadu Buhari said this was due to some external factors.
"If domestic oil production and food production program continue, there will be a balance between price and rebalancing in government and the over-the-counter market."
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