Fuel Subsidy Removal: President Tinubu Recants, Says It’s Not Immediately

President Bola Ahmed Tinubu has recanted his statement over immediate removal of fuel subsidy on his inauguration day, Monday, 29th May, saying that it will instead take effect from end of June, 2023.

On Monday, while delivering his inuagural speech categorically stated “subsidy is gone” and within few minutes, it triggered off fuel scarcity as fuel dealers closed their outlets while few still opened, hiked their pump price up to N450 -N500 per litre with associated long queues of motorists.

But in an explanatory tweet in his verified Twitter handle @NgrPresGCFR, Tuesday afternoon, he said he was merely communicating the status quo.

According to him in the tweet,
“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.”