President Bola Tinubu has clarified that the recent announcement regarding the removal of fuel subsidy is not a new development and not an action taken by his administration.
News About Nigeria confirms that following the announcement, which coincided with long queues at petrol stations nationwide, Tinubu addressed the situation through a statement released by the Asiwaju Bola Ahmed Media Centre on Tuesday.
The statement clarified that Tinubu was simply conveying the existing status quo and emphasized that the removal of fuel subsidy would not take immediate effect.
According to the statement, this development is not a new occurrence, as the previous administration’s fuel subsidy budget was planned and approved to last only for the first half of the year.
It emphasized that the panic-buying that has ensued as a result of the announcement is unnecessary.
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.”