Fuel Subsidy Removal: It will not take effect immediately – President Tinubu

Fuel Subsidy Removal: It will not take effect immediately – President Tinubu
Share this

President Bola Tinubu has clarified that the fuel subsidy removal, which he announced during his inaugural speech on Monday, will not be implemented immediately.Fuel Subsidy Removal: It will not take effect immediately – President Tinubu

In a statement released by the Asiwaju Bola Ahmed Media Centre, Tinubu urged Nigerians not to engage in panic-buying, which had already occurred in response to his speech.

Following Tinubu’s speech, fuel queues emerged, and fuel prices skyrocketed to as high as N350 per litre in major cities such as Lagos, Abuja, and Port Harcourt, among others.

Numerous interest groups and civic organizations have called on Tinubu to exercise caution and avoid imposing harsh measures on Nigerians at the beginning of his administration, particularly regarding the fuel subsidy removal.

In a tweet, Tinubu, speaking through his media centre, emphasized that the fuel subsidy removal is not an immediate action but rather a process that has been ongoing.

The full tweet reads:

The public is advised to note that President Bola Tinubu’s declaration that “subsidy is gone” is neither a new development nor an action of his new administration.

“He was merely communicating the status quo, considering that the previous administration’s budget for fuel subsidy was planned and approved to last for only the first half of the year.

“Effectively, this means that by the end of June, the Federal Government will be without funds to continue the subsidy regime, translating to its termination.

“The panic-buying that has ensued as a result of the communication is needless; it will not take immediate effect.

“Furthermore, President Tinubu was clear about his plans to re-channel the funds previously devoted to the payment of subsidies into better investments that will cushion the effects of the removal on the general public, especially the poor of the poor. This includes but is not limited to investments in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions of Nigerians and increase their earning potential.”

Like this post?
We’d be delighted to hear from you. Please leave a comment in the box below!

Be the first to comment on "Fuel Subsidy Removal: It will not take effect immediately – President Tinubu"

Leave a Reply