PRESIDENT Goodluck Jonathan has justi-fied the deregulation of the petroleum sector as a necessary change Nigeria must make for government to make a significant impact in the lives of citizens.

Speaking to Prof. Jeffrey Sachs, Special Adviser to the United Nations’ Secretary General, at State House, Friday, he noted that the country’s 2010 capital budget was funded with borrowed money, the equivalent of which was used to fund the subsidy last year.

“No meaningful infrastructural development is possible in such an environment,” he added.

The President reiterated that his administration was committed to making significant and enduring interventions in the areas of power generation and supply, roads, railways, capacity building and health, adding that these sectors have already been opened to private sector participation.

He expressed appreciation to Prof. Sachs for his concern for the development of Nigeria and Africa.

Earlier, Prof. Sachs commended Jonathan for the conditional grants to local governments for the implementation of the Millennium Development Goals, describing it as “one of the most innovative schemes of using national resources for local government development”.

He also described the President’s decision to withdraw petroleum subsidy as “a bold and correct policy”, adding that funds so released would go a long way to rapid infrastructural development and the health sector.

Meanwhile, the Minister of Foreign Affairs, Republic of Finland, Dr. Erkki Tuomoija, has said his country and most of Europe have confidence in Nigeria’s economy and political system.

Dr. Tuomoija was on a visit on Friday to President Jonathan who he told that “your economy is doing very well, and many countries in Europe envy your growth figures.”

He added that “we have confidence in your democracy, and in your ability to deal with the terrorism and other challenges confronting you”.

The envoy described Nigeria as “a very important partner” and underlined the many similarities and views shared by the two countries on global issues in the United Nations and other multilateral fora.

He assured President Jonathan of Finland’s continued cooperation.

In his response, Jonathan said Nigeria wanted to further strengthen relations with Finland, and invites more companies to invest in Nigeria, to take advantage of the huge market and incentives.

Subsidy in 2007 - ~300 B

Subsidy in 2011 - ~1,300 B

What happened in just 4 years? Mega-corruption!

Why is the 2012 budget still going to be financed with borrowed funds despite the fact that the fuel subsidy is nt included in this yrs budget. Who is fooling who? These clowns aint even atticulate with their lies.