Nigeria: Fuel Subsidy Removal Will Not Take Effect Immediately – President Tinubu

Nigeria’s new President Bola Ahmed Tinubu has stated that the removal of subsidy on fuel will not take effect immediately.

He has therefore urged Nigerians to desist from resorting to panic-buying as it is being witnessed in some parts of the West African nation.

Delivering his inaugural speech on Monday, May 29, 2023, after being sworn into office, the new Nigerian leader declared that the era of fuel subsidy is gone.

Following his statement queues surfaced immediately at some fuel stations in Lagos, Port Harcourt, Abuja and other places  , with fuel prices going up as high as N350 per litre.

Several interest and civic groups have called on Tinubu not to begin his administration on a draconian note for Nigerians but should be circumspect on the fuel subsidy removal.

In a tweet, Bola Tinubu through his media centre said the fuel subsidy removal was not immediately but a process that had been on.

The 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.”

Source: https://energynewsafrica.com