According to President Bola Tinubu, neither the announcement of the withdrawal of the fuel subsidy nor the action taken by his administration are fresh developments.
Following the lengthy lines at gas stations around the country just hours after the news President announced the termination of fuel subsidies, according to newsmen, Tinubu made this statement.
The Asiwaju Bola Ahmed Media Centre said in a statement on Tuesday that Tinubu was only reporting the status quo when he announced the withdrawal of gasoline subsidies would not be effective right away.
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According to the statement, the development is not brand-new because the budget for fuel subsidies under the previous administration was only intended to cover the first half of the year.
However, it claimed that the frantic buying that followed the statement was unnecessary.
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.
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“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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