Nigeria’s new president, Asiwaju Bola Ahmed Tinubu, on Monday, May 29, 2023, said the era of subsidy payment on fuel has ended.
Tinubu made the comment during his inaugural speech at Eagles Square after he was sworn in as Nigeria’s 16th leader.
“Fuel subsidy is gone. 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, and health care,” he said.
Tinubu’s comment immediately caused panic as many Nigerians trooped out of their homes to get fuel.
The rush for fuel was triggered by the assumption that with Tinubu’s pronouncement, the pump price for petroleum would increase immediately.
Across the country, fuel queues have resurfaced again due to panic buying and market speculation.
Already, some petrol stations have changed their meters, while some have stopped selling due to Tinubu’s comment.
A few hours after the announcement, some filling stations now sell fuel for N600 per litre.
Music director Dami Adenuga shared a piece of video evidence on Twitter.
Emma Umeh, a PDP member, wrote on Twitter:
‘’The removal of fuel subsidy is going to make things difficult for the poor. I pray the good lord gives President Tinubu wisdom to manage the issues that come with subsidy removal.’’
Adewole Adebayo, the presidential candidate of the Social Democratic Party wrote in reaction:
“I don’t want to seem impatient or trigger-happy in criticism of Tinubu. But it is not a neat way to announce a cost-driving macroeconomic policy like fuel ‘subsidy’ removal by just dropping it in an inaugural address. We need shock absorbers first.”