Finally Tinubu removes fuel subsidy…says era of fuel subsidy is gone.
There are every indication that Nigerians may start buying fuel for N750/litre as President Bola Tinubu has announced the removal of fuel subsidy in Nigeria.
Agenda Papers reports that Nigeria’s new President, Bola Ahmed Tinubu on Monday, May 29, 2023, said the era of subsidy payment on fuel is gone.
It is understood that President Tinubu noted the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu declared in his inaugural speech at Eagles Square on Monday after he was sworn in as Nigeria’s 16th President.
Tinubu said his government will rather channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.
It will be recalled that Tinubu even before the election and eventual declaration as winner of February 25 presidential election has arrogantly said he will remove subsidy on fuel and there is nothing anybody can do about it.
Removal of fuel fuel subsidy is coming on the heels of comatose and non functioning of the three major refineries in the country. Most of local fuel consumption are done through importation with high dollar exchange rate and attendant corruption that is characterized with fuel importation over the years.
