Tinubu's media center clarifies: No need for panic buying, subsidy removal not immediate
The Asiwaju Bola Ahmed Media Centre appeals to Nigerians to refrain from panic-buying of petroleum products following President Bola Tinubu's statement on fuel subsidy. This appeal was communicated through a statement released on the center's verified Twitter handle on Tuesday.
The center emphasized that the President's statement regarding the cessation of petrol subsidy is not a new development, but a reaffirmation of the federal government's plan to end the subsidy by June. As previously stated in Tinubu's inaugural speech on Monday, the era of petrol subsidies has come to an end.
The President stated, "Regrettably, the budget in place before my tenure does not include any provision for fuel subsidy. Therefore, fuel subsidy has been eliminated."
In response to Tinubu's remarks, long queues reappeared at petrol stations in certain parts of Nigeria, which the Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed to panic buying.
However, the Tinubu media center emphasized that the rush to purchase petrol is unnecessary, as the President's statement was based on pre-existing plans. The center further clarified that the removal of the subsidy will not occur in the immediate future.
"The public is advised to understand that President Bola Tinubu's statement that 'subsidy is gone' is neither a new development nor an action taken by his new administration," the statement explained. "He was simply communicating the existing situation, considering that the previous administration's budget for fuel subsidy was intended and approved to last only for the first half of the year."
"Consequently, by the conclusion of June, the federal government will face a lack of funds to sustain the subsidy system, leading to its termination. The current panic-buying witnessed as a result of this communication is unnecessary as the implementation will not be immediate.
"Moreover, President Tinubu expressed his clear intentions to redirect the previously allocated subsidy funds towards more beneficial investments that will mitigate the impact of the removal on the general public, particularly the underprivileged.
"These investments encompass a broad spectrum, including but not limited to public infrastructure, education, healthcare, and job creation, all of which will significantly enhance the lives of millions of Nigerians and elevate their earning capabilities."
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