President Goodluck Jonathan, in a nationwide TV address Monday morning, announced a cut in petrol price from around N141 to N97 after prolonged street demonstrations over the deregulation policy. Also, the labour unions told the media early Monday morning that they were suspending street protests because of the political dimension it had taken but insisted that the strike would go on.
In the broadcast, Jonathan said he had to review the pump price in response to the outcry over the hardship caused by the total subsidy removal and vowed to investigate the subsidy account with a view to punishing those who fraudulently bled the country and nearly destroyed the economy. He also promised a detailed study of the forensic audit of the account of the Nigerian National Petroleum Corporation, (NNPC) with a view to curbing corruption in the oil and gas sector of the economy so as to rid it of corruption. He promised that his government would pursue the passage of the Petroleum Industry Bill with more vigour to ensure it becomes law to regulate activities in the downstream sector.