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PRESIDENT Muhammadu Buhari has said that COVID-19 has resulted in 60 per cent drop in Nigeria’s revenue this year, adding that this has affected all of government’s operations. He also said in order to keep the electricity industry going, his administration had so far spent almost N1.7 trillion supplementing tariffs shortfalls, noting that at this point, there is no resource to continue this way. He then warned of severe consequences a return of petrol subsidy and reduction in electricity tariff will cause the nation. Speaking at the commencement of the first-year ministerial performance review retreat in Abuja on Monday, he assured that his administration is extremely mindful of the pains that higher prices mean and does not take the sacrifices Nigerians have to make for granted. Represented by Vice President Yemi Osinbajo, the president said: “The COVID-19 pandemic has led to a severe downturn in the funds available to finance our budget and has severely hampered our capacity.

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