Naija News looks at the top happenings making headlines on the front pages of Nigeria’s national newspapers today Wednesday 31st May 2023.
The PUNCH: Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of Premium Motor Spirit commonly known as petrol has skyrocketed to N600 per litre from N195/l in many parts of the country. The development equally triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Ilorin, Benin, Asaba, Port Harcourt, Kano, Makurdi and other major cities and urban areas.
The Guardian: All parts of Nigeria – from the East to the West, North to South – were almost grounded to a halt in a jolt reaction to Monday’s President Bola Tinubu’s inaugural address where he declared that ‘petrol subsidy is gone.’ The pronouncement not only threw the country into chaos, but also left the masses and economy on the edge.
ThisDay: Investors in both the equities and money market yesterday responded positively to the pronouncements by President Bola Tinubu in his inaugural speech. Specifically, the stock market appreciated as investors gained N1.51 trillion, apparently in response to Bola Tinubu’s signalling of plans to unify foreign exchange rates. Also, the naira appreciated on the parallel market as it gained N5 to close at N765/$1 yesterday, up from the N770/ $1 it traded the previous day.
The Nation: The Nigerian stock market yesterday gave a rousing welcome to President Bola Ahmed Tinubu’s policy direction.
Daily Trust: Forty-eight hours after the pronouncement by President Bola Ahmed Tinubu that the fuel subsidy is gone, queues across the country have resurfaced even as many filling stations are under lock and key.
Thank you for reading, that is all for today, see you again tomorrow for a review of Nigerian newspapers.