Speaking in Abuja on Tuesday, May 17, at the public presentation of a book titled “Anatomy of Corruption in Nigeria: Issues, Challenges & Solutions, a collection of essays,” Osinbajo said that the decision was necessary if the country must source for foreign exchange to import fuel.

The Vice President said even if the local refineries are resuscitated, the country will still need to import product as they will only run at 40 percent capacity.

“If we repair our refineries today, we would still be able to refine 40% of our petroleum, so we still need to import,” he said.

“In the absence of foreign exchange and you have to import your refined petroleum, what are you left with?"

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Heavy criticism has trailed Buhari and his administration since last Wednesday when the Federal Government announced the increase in fuel price from N86.50 per litre to N145.