President Bola Tinubu has stated that the fuel subsidy removal announcement he made during his inaugural speech on Monday will not take effect immediately.
Tinubu, through a statement released by the Asiwaju Bola Ahmed Media Centre, noted that Nigerians should not resort to panic-buying which had ensued as a result of his speech.
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According to reports fuel queues surfaced immediately after Tinubu made his speech, with fuel prices going up as high as N350 per litre in the major cities of Lagos, Abuja, Port Harcourt and other locations.
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, Tinubu through his media centre said the fuel subsidy removal was not immediate 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.
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“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.”
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