Newly sworn-in President, Bola Ahmed Tinubu has abolished fuel subsidy in Nigeria, saying it is no longer sustainable.
He gave the directive at the Eagle Square Abuja while delivering his maiden address to Nigerians.
“On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy.
“Fuel subsidy is gone,” he simply stated.
Details later…
[…] phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead […]
[…] President, in his inaugural address on Monday, had declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further payment was no […]
[…] end of the Nigerian petroleum industry has gone into a frenzy as operators respond to the immediate removal of subsidy on petrol with a sharp hike in pump price just as consumers crowded to the petrol […]
[…] decision follows shortly after the newly elected President, Asiwaju Bola Ahmed Tinubu, declared the termination of fuel subsidy in […]
[…] reports that during his inaugural speech at Eagle Square in Abuja, Tinubu said the era of subsidy on fuel had ended, adding that with the 2023 budget making no provision for fuel subsidy, further payment was no […]