Tuesday, May 30, 2023

Subsidy Removal Won’t Take Immediate Effect - Tinubu Clarifies


Following rise in the price of petrol and resurfacing of queues, the Asiwaju Bola Ahmed Media Centre has clarified that fuel subsidy removal announced by President Bola Tinubu on Monday will not take effect immediately.
According to TheNation, The Centre, in a statement, urged the public to relax panic-buying that has ensued as a result of Tinubu's speech.
The statement explained the development is neither a new development nor an action of his new administration.
The Tweet 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.”

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