President Bola Ahmed Tinubu has given further clarification regarding the removal of the fuel subsidy on Monday, May 29, 2023, during his inaugural speech.
This was disclosed in a statement by his media centre on its official Twitter handle on Tuesday, May 30, 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.
President Tinubu Backtracks On Subsidy Removal
“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.”
Meanwhile, BrandSpur Nigeria reports that marketers and operators increased the petrol pump price to N210-N500 per litre. On Monday evening around the Nation’s capital showed that long queues returned as residents buy fuel for 210/per litre against N195/per litre.
However, some filling stations in Kubwa expressway, Lugbe still sell fuel at N195/per litre.
On the other hand, in Lagos, the sharp increase in fuel pump price is almost 100 per cent as Lagosians purchase the product for N370/per litre from 180/per litre. In Warri Delta state, the pump price had jumped to N500/per litre.
In Ekiti State, southwest Nigeria, a gas station, Eltayon Nigeria Limited, located beside Access Bank on Bank Road Ado Ekiti, increased the petrol pump price to ₦600 per litre.
