Following the “Fuel subsidy is gone” inaugural speech of President Bola Tinubu which resulted in the panic buying of Premium Motor Spirit, PMS, also known as petrol across the country, the Asiwaju Bola Ahmed Media Centre has urged Nigerians to stop hoarding the product.
Tinubu, through a statement released by the Asiwaju Bola Ahmed Media Centre, said the fuel subsidy removal will not take effect immediately.
According to the Centre, the President was merely communicating the broad plans of his administration and its view on subsidy.
In his words, “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.”
