President Bola Tinubu has declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.
He stated this on Monday in his inaugural address at the Eagle Square, Abuja.
The current 2023 budget has provision for the fuel subsidy till June.
President Tinubu stated, “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favored the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” he said.
The Nigerian government has, for decades, subsidized fuel and fixed retail prices of petroleum products. The payment has, however, threatened the nation’s fiscal position and impacted the government’s ability to fund developmental projects across the nation.
However, some Nigerians have taken to social media to lament over buying fuel at N600 while some complained about the attitude of Nigerians, others said the announcement was ill-timed as there is no provision to cushion the effect of subsidy removal.
