President Bola Tinubu has clarified when his announcement on the removal of the fuel subsidy will take effect.
Tinubu gave the clarification via the Asiwaju Bola Ahmed Media Centre on Twitter.
In the post, he urged the public to remain calm and refrain from panic-buying, which has been observed since the announcement.
The statement clarified that the removal of the fuel subsidy after the first quarter of the year was not a new development.
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According to it, the decision which was designed to take effect by the end of June 2023, was not an act of the new administration.
The move, Tinubu said, was a necessary step towards improving the country’s economy and ensuring the sustainability of the petroleum industry.
The post read:
“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.
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“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.”
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