Subsidy Removal Is With A Gradual Process Not Immediately – President Tinubu Reacts To Backslash

According to President Bola Tinubu, the decision to end fuel subsidies he mentioned during his inaugural speech on Monday would not be implemented right away.

Through a statement issued by the Asiwaju Bola Ahmed Media Center, Tinubu warned Nigerians against panic-buying that had followed his speech.

According to SaharaReporters, petrol lines started to form right away. Fuel prices increased to as much as N350 per litre in key cities including Lagos, Abuja, Port Harcourt, and other places as Tinubu delivered his address.

Several interest and civic groups have called on Tinubu not to begin his administration on a draconian note for Nigerians but should be circumspect on the fuel subsidy removal.

In a tweet, the Tinubu through his media centre said the fuel subsidy removal was not immediately but a process that had been on.

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.”