The Tinubu-led Federal Government has announced an increased in the price of petrol, News About Nigeria reports.
The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday said petrol will no longer sell for 537 naira per litre.
The new price is 617 naira per litre.
Recall that during his inauguration ceremony, President Tinubu announced that fuel subsidy will be removed.
Following this new announcement, NNPC filling stations in Abuja experienced temporary queues on Tuesday morning.
A particular station along Murtala Mohammed Express road, Kado, had to temporarily close as the attendants adjusted their fuel pumps to reflect the new price of 617 naira per liter.
In the first half of 2023 alone, Nigeria spent a significant amount of N3.6 trillion solely on fuel subsidies.
The Federal Government claims that discontinuing fuel subsidy payments would result in savings of approximately N6.7 trillion.
According to the Nigeria Extractive Industries Transparency Initiative, Nigeria has spent a staggering N13.7 trillion on fuel subsidies over the past 13 years.
The removal of fuel subsidy sparked outrage amongst Nigerians and different groups including the Nigerian Labour Congress (NLC).
Recall that the Labour Congress vowed to embark on an indefinite strike if over the fuel hike.
But the Federal Government took the NLC to the Industrial court where they were barred from embarking on the strike.
Meanwhile since the fuel subsidy removal, the federal government has been able to save a whopping N400bn.
The federal government also rolled out palliatives to cushion the effects of the subsidy removal.
Tinubu promised 12m Nigerian households N8000 monthly.
