The media team of President Bola Tinubu has clarified the “Subsidy is gone” statement by the President during his inaugural address on Monday.
While giving his inaugural speech yesterday, the newly sworn-in President said the contentious petrol subsidy only favoured the rich to the detriment of the poor.
He said his government shall rechannel funds previously devoted to the payment of petrol subsidies to the provision of infrastructure, education, health care and jobs.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor,” he said.
“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”
However, the statement sent Nigerians into shock and resulted in the panic-buying of petrol which has led to endless queues in petrol stations in major cities across the country barely 24 hours after the inauguration of the new president.
Reacting to the widespread misinterpretation of President Tinubu’s remark, the Asiwaju Bola Ahmed Tinubu Media Centre said the removal of the petrol subsidy will not take immediate effect.
The team’s 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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