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Fuel subsidy is gone – Tinubu

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CEM REPORT, ENERGY | In line with his campaign promise to reform the oil sector and diversify the economy, Nigeria’s new president, Bola Ahmed Tinubu has announced the complete removal of the controversial fuel subsidy.

He asserted that subsidy can no longer justify its use in the wake of dwindling resources.

He noted that his administration would employ the savings from the subsidy removal to invest in infrastructure, education, health, and social welfare.

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The president mentioned this in his inaugural speech on Monday, May 29th, 2023.

“On fuel subsidy, unfortunately, the budget that exist before I assumed office and what I have heard is that no provision is there for fuel subsidy, so Fuel subsidy is gone.”

He stressed that “fuel subsidy is gone” and that there was no provision for it in the budget he inherited from his predecessor, Muhammadu Buhari.

However, the president, assured Nigerians that he would ensure an adequate supply of petrol and prevent artificial scarcity and hoarding by unscrupulous elements.

According to data from the National Bureau of Statistics Nigeria spent about N10 trillion on the import of fuel and lubricants in 2022.

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The fuel subsidy was a policy that aimed to keep the price of petrol low for consumers by paying the difference between the market price and the regulated price to importers and marketers.

Experts who have continually called for the removal of the fuel subsidy policy warn that the government must provide adequate palliatives and social safety nets for the poor and vulnerable who would bear the brunt of the price hike.

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