President Bola Ahmed Tinubu has assured Nigerians that the fuel subsidy removal will not take immediate effect thus panic buying is needless.
Tinubu gave the assurance in a statement via his official Twitter handle @NgrPresGCFR.
Recall that Truth Live News had reported that following Tinubu’s statement of ‘Subsidy is gone’, which he made during his inaugural address, there has been panic buying of fuel across several states with many stations selling as high as N500 per litre.
Part of 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.”