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President Godluck Jonathan has directed reduction in the price of petrol
from N141 to N97 per litre following inability of government – labour talks
on Sunday to reach a consensus on how to resolve the lingering crisis
triggered by the controversial policy.

In a nationwide address to Nigerians, President Jonathan said the
reduction was a unilateral decision by government since its dialogue with
labour on the matter ended in deadlock.

He however said government would still pursue full deregulation of the
nation’s oil sector to ensure ultimate removal of product subsidies.

“Government will continue to pursue full deregulation of the downstream
petroleum sector. 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. The
Petroleum Products Pricing Regulatory Agency (PPPRA) has been
directed to ensure compliance with this new pump price.

“Government is working hard to reduce recurrent expenditure in line with
current realities and to cut down on the cost of governance. In the
meantime, government has commenced the implementation of the
Subsidy Reinvestment and Empowerment projects: including the Federal
Government- assisted mass transit programme which is already in place,
and job creation for the youth”, he said.

Government, he warned would no longer tolerate acts of violence and
wanthom destruction of property under the guise of protests against
subsidy removal, adding that culprits will be visited with the full weight of
the law.

Here is the full text of the Presidential Address on the Implementation of
the Deregulation Policy in the Downstream Sector of the Petroleum
Industry:.

“Dear Compatriots,

1.    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.

2.    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.

3.    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.

4.    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.


5.    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. This has prevented an objective assessment
and consideration of all the contending issues for which dialogue was
initiated by government. These same interests seek to promote discord,
anarchy, and insecurity to the detriment of public peace.

6.    Government appreciates that the implementation of the deregulation
policy would cause initial hardships and commends Nigerians who have
put forth suggestions and credible alternatives in this regard. Government
also salutes Nigerians who by and large, conducted themselves
peacefully while expressing their grievances. Let me assure you that
government will continue to respect the people's right to express
themselves within the confines of the law and in accordance with the
dictates of our democratic space.

7.    Government will continue to pursue full deregulation of the
downstream petroleum sector. 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. The
Petroleum Products Pricing Regulatory Agency (PPPRA) has been
directed to ensure compliance with this new pump price.

8.    Government is working hard to reduce recurrent expenditure in line
with current realities and to cut down on the cost of governance. In the
meantime, government has commenced the implementation of the
Subsidy Reinvestment and Empowerment projects: including the Federal
Government- assisted mass transit programme which is already in place,
and job creation for the youth.

9.     Furthermore, 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.

10.    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. Consequently, 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.

11.    My dear compatriots, I urge you 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.

12.    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.

13.    Nigeria belongs to all of us and we must collectively safeguard its
unity.

14.    Thank you. God bless the Federal Republic of Nigeria.

GOODLUCK EBELE JONATHAN, GCFR
President, Federal Republic of Nigeria”
Strike: FG slashes petrol price to N97 per litre
...reads riot Act to hoodlums
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