President Bola Tinubu has said the announcement of the removal of the fuel subsidy is not a new development nor an action of his administration.
Naija News reports that Tinubu stated this following the long queues at petrol stations nationwide just hours after the news President announced the end of fuel subsidy.
In a statement on Tuesday, the Asiwaju Bola Ahmed Media Centre said Tinubu was merely communicating the status quo, stating the end to the removal of fuel subsidy will not take immediate effect.
The statement said the development is not a new one, considering that the previous administration’s budget for fuel subsidy was planned and approved to last for only the first half of the year.
It, however, said the panic-buying that has ensued as a result of the announcement is needless.
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.”