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Fuel Subsidy Removal Not New To Nigerians – Presidency

The Asiwaju Bola Ahmed Media Centre, has urged Nigerians to stop panic buying of petroleum product over the statement of President Bola Tinubu on fuel subsidy.

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The Tinubu media centre made this appeal in a statement issued via its verified Twitter handle on Tuesday.

It noted that the President’s statement that petrol subsidy had stopped was not a new development but a restatement of the federal government’s intention to end subsidy by June.

Recall that, in his inaugural speech on Monday, Tinubu said the petrol subsidy regime was over.

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The President said, “On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone.”

Following Tinubu’s comments, fuel queues emerged in many petrol stations as marketers who started hoarding fuel sold the product for as high as N600 per litre and transporters hiked fares.

From the South-West to the South-East, South-South to North-West and other zones of the country, it was tales of woe and fuel crisis gathered steam.

But, the Tinubu media centre said the rush to purchase petrol “is needless” as the president only spoke based on already existing plans.

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The centre added that the removal of the subsidy will not happen soon.

It said, “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,” the statement reads.

“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.

“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.”

Meanwhile, President Bola Tinubu yesterday met with the governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, and the Group Chief Executive Officer, of the Nigeria National Petroleum Company Limited, NNPCL, Mr. Mele Kyari, at the Presidential Villa, Abuja, on the matter.

Speaking to journalists, Kyari said the NNPC Limited “welcomes the decision of Mr. President to announce that the subsidy on PMS (premium motor spirit) is over. This has been a major challenge for NNPC continued operations. We have been funding the subsidy from the cash flow of NNPC since the government is unable to defray the cost of the subsidy that is due to the corporation.

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