President Bola Tinubu has given clarification regarding the removal of the fuel subsidy on Monday, 29th May, 2023, during his inaugural speech.

President Bola Tinubu

This was disclosed in the Presidency official Twitter handle on Tuesday, 30th May, 2023.

The statement 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”.

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

Story: Christy Dung