BREAKING: Fuel Subsidy is Gone – President Tinubu
Nigeria’s new president, Bola Ahmed Tinubu has announced that “fuel subsidy is gone” after years of dithering by the outgoing former president, Buhari.
He also asserted that subsidy can no longer justify its use in the wake of dwindling resources stating that we will instead channel it to better investment such as public infrastructure, healthcare, and jobs which will improve the lives of Nigerians.
The president mentioned this in his inaugural speech on Monday, May 29th, 2023, he declared that “fuel subsidy is gone” and that there was no provision for it in the budget he inherited from his predecessor, Muhammadu Buhari.
“On fuel subsidy, unfortunately, the budget that exist before I assumed office and what I have heard is that no provision is there for fuel subsidy, so Fuel subsidy is gone“ Tinubu
The fuel subsidy was a policy that aimed to keep the price of petrol low for consumers by paying the difference between the market price and the regulated price to importers and marketers.
Tinubu’s decision to scrap the fuel subsidy is in line with his campaign promise to reform the oil sector and diversify the economy.
He said that he would use the savings from the subsidy removal to invest in infrastructure, education, health, and social welfare. He also assured Nigerians that he would ensure an adequate supply of petrol and prevent artificial scarcity and hoarding by unscrupulous elements.
Tinubu’s move to end the fuel subsidy marks a significant shift in Nigeria’s political and economic landscape. It remains to be seen how he will implement his vision and how Nigerians will adapt to the new reality.
