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Politics SUBSIDY REMOVAL WON'T TAKE IMMEDIATE EFFECT -TINUBU CLARIFIES

SUBSIDY REMOVAL WON'T TAKE IMMEDIATE EFFECT -Tinubu Clarifies
The Asiwaju Bola Ahmed Media Centre says the presidents statement that petrol subsidy had stopped was not a new development but a restatement of the federal governments intention to end subsidy by June.

On Monday, in his inaugural speech, President Bola Tinubu said the petrol subsidy regime was over.

On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone, the president had said.

Following Tinubus comments, huge queues resurfaced at filling stations in some parts of Nigeria a situation the Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed on panic buying.

However, in a statement on Tuesday as obtained by RukotoTV, the media team said the rush to purchase petrol is needless as the president only spoke based on already existing plans.

The team added that the removal of the subsidy will not happen soon.

The public is advised to note that President Bola Tinubus declaration that subsidy is gone is neither a new development nor an action of his new administration, the statement reads.

He was merely communicating the status quo, considering that the previous administrations 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.

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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Strong Indications Have Emerged That The Proposed Nationwide Indefinite Strike By The Nigeria Labour Congress (NLC)and The Trade Union Congress Of Nigeria (TUC)...read more
Author: adex3gadex3g 1 day
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INDEFINITE STRIKE: UNITED FRONT OF CIVIL SOCIETIES LAMBASTS TINUBU GOVERNMENT, VOWS TO ENFORCE SIT-AT-HOME
Indefinite Strike: United Front Of Civil Societies Lambasts Tinubu Government, Vows To Enforce Sit-At-Home
Indefinite Strike: United Front Of Civil Societies Lambasts Tinubu Government, Vows To Enforce Sit-At-Home

The United Action Front Of Civil Society Has Said It Has Fully Endorsed The Indefinite Nationwide Strike Action Jointly Declared...read more
Author: adex3gadex3g 1 day
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MALTA WARNS EU ON MIGRANT INFLUX FROM NIGER
Malta warns EU on migrant influx from Niger
Malta Warns EU On Migrant Influx From Niger

The President Of Malta Has Warned That Southern Europe Might Be In Danger Of Being Populated By Migrants If No Action Is Taken On The Violence Happening In Niger And The Sahel Region In Africa.read more
Author: adex3gadex3g 1 day
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