How Tinubu’s Declaration Of Fuel Subsidy Removal Sparked Panic Buying

President Bola Ahmed Tinubu Media Centre, a media and information affiliate of the President has announced that the removal of fuel subsidy is not a new development. This was contained in a statement released by the media centre today. 

The statement reads in part, “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.”

Tinubu’s  media centre further noted that “by the end of June, the Federal Government will be without funds to continue the subsidy regime, translating to its termination.”

According to reports, the declaration by the recently sworn-in Nigerian President has created panic and chaos in Nigerian energy retail markets.

Panic buying of fuel is needless- Tinubu Media Centre

Speaking further, the president’s media team said, “The panic-buying that has ensued as a result of the communication is needless; it will not take immediate effect.”

They also reiterated Tinubu’s plan for Nigerians. According to them, “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.”

Furthermore, the CEO of NNPC Limited, Mele Kyari has assured Nigerians that they have a sufficient supply of petroleum products, particularly PMS in the country. He said, “We are watching all the distribution networks, and support facilities and we believe that normalcy will be restored very soon.”