President Goodluck Jonathan spoke to Nigerians on the removal of subsidy on petrol which has led to sharp increases in the prices of goods and services.
Doctor Jonathan told the nation that he also feels the pain most Nigerians feel and had to deregulate the downstream oil sector for Nigeria to survive economically.
President Jonathan also announced a couple of steps to reduce the size of recurrent expenditure.
The President has announced a 25% cut in the salaries of executive political office holders.
He’s also directed that overseas travels by all political office holders including him be reduced to the barest minimum.
Doctor Jonathan also assured Nigerians that the reinvestment of the subsidy funds will ensure improvement in national infrastructure, education, healthcare and other services.
He specifically mentioned that transportation costs will be reduced with the launch of a mass transit intervention program while massive construction of roads, rails will begin soon.
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