In response to President Bola Tinubu’s remarks on gasoline subsidies, the Asiwaju Bola Ahmed Media Centre has encouraged Nigerians not to buy petroleum products in a panic.
In a statement shared on Tuesday via its verified Twitter account, the Tinubu media centre made this appeal.
It was pointed out that the President’s announcement that the termination of petrol subsidies was not a novel event but rather a repeat of the federal government’s commitment to do so by June.
Recall how Tinubu declared the era of petrol subsidies to be over in his first speech on the job on Monday?
The President said, “On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone.”
The Tinubu media centre however said the rush to purchase petrol “is needless” as the president only spoke based on already existing plans.
The centre added that the removal of the subsidy will not happen soon.
It said: “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,” the statement reads.
“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.
“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.”
