• Monday, June 24, 2024
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Fuel subsidy removal not happening immediately – Tinubu media centre

Subsidy Removal: A move with potential rewards

The Bola Ahmed Media Centre has urged Nigerians to relax as the removal of the fuel subsidy announced by President Bola Tinubu on Monday, will not happen immediately.

The Centre, in a tweet on Tuesday said the development was neither a new one nor an action of his new administration.

“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.

Read also: Fuel subsidy crisis: Tonye Cole urges Tinubu to discuss more with labour

“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,” the Centre said.