President Bola Tinubu has said that his announcement of the end of fuel subsidy is not a new policy or a decision of his government.
Newsflash Nigeria reports that Tinubu explained this in a statement on Tuesday after long queues were seen at petrol stations across the country following his announcement.
The statement, issued by the Asiwaju Bola Ahmed Media Centre, said that Tinubu was only informing the public of the existing situation, as the fuel subsidy budget of the previous administration was only meant to cover the first half of the year.
The statement said that this means that by July, the government will have no funds to continue paying for the subsidy, which will lead to its termination.
The statement also said that there is no need for panic-buying, as the removal of fuel subsidy will not take effect immediately.
The statement added that Tinubu has plans to use the money saved from the subsidy removal to invest in public infrastructure, education, healthcare and jobs that will benefit millions of Nigerians and improve their living standards.
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.”
