…By Dorcas Funmi for TDPel Media.
President Bola Tinubu has addressed the recent announcement of the removal of fuel subsidy, emphasizing that it is not a new development nor an action taken by his administration.
This clarification comes in response to the long queues observed at petrol stations across the country shortly after the President’s announcement.
In a statement released by the Asiwaju Bola Ahmed Media Centre on Tuesday, it was explained that Tinubu was simply communicating the existing situation, highlighting that the complete end to fuel subsidy will not take immediate effect.
The statement further explained that this is not a new development, as the previous administration had already budgeted and approved funds for fuel subsidy to last only for the first half of the year.
Despite this, the statement emphasized that the panic-buying witnessed following the announcement is unnecessary.
It urged the public to understand that President Tinubu’s declaration that “subsidy is gone” is a reflection of the current status quo and not a sudden decision taken by the new administration.
The statement reiterated that the subsidy regime will be terminated by the end of June when the Federal Government runs out of funds to sustain it.
Additionally, President Tinubu’s plans to redirect the funds previously allocated to subsidy payments towards investments were highlighted in the statement.
These investments aim to mitigate the impact of the removal of subsidy on the general public, particularly the most vulnerable citizens.
The statement mentioned that these investments would focus on areas such as public infrastructure, education, healthcare, and job creation, with the goal of improving the lives of millions of Nigerians and enhancing their earning potential.
In conclusion, President Bola Tinubu’s recent comments on the removal of fuel subsidy were clarified as a reflection of the ongoing situation rather than a new development.
The statement reassured the public that the immediate effects of the removal should not cause panic-buying, and highlighted the administration’s plans to channel the saved funds into investments that will benefit the people and contribute to their overall well-being.