Sodiq Mojibola
President Bola Tinubu has clarified the air that subsidy removal will take effect by the end of June 2023.
He made this explanation to allay the fears and reduce panic-buying of fuel that started immediately after his address on subsidy removal that has spread panic across the country.
Tinubu made this known through a statement from his media team, Asiwaju Bola Ahmed Media Centre.
He explained that the declaration of subsidy removal was to indulge the public on the status-quo of the administration.
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.
“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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