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Fuel subsidy removal won’t take effect now, Tinubu backtracks
The Asiwaju Bola Ahmed Media Centre says Tinubu’s speech on fuel subsidy removal will not take effect immediately, noting that, the federal government intends to end the scheme by June.
Fuel queues have returned to Nigeria after Tinubu stated that fuel subsidy was gone during his inauguration speech in Abuja, Nigeria’s capital on May 29.
Tinubu’s comments sparked immediate reaction from petrol marketers many of whom have increased the price of fuel to as high as N350/per litre.
In an attempt to do some damage control, the media centre said, “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.”
The group claimed that Tinubu 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,” the group said.
“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.
“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.”
