The office of Nigeria’s new President Bola Tinubu has told the public to stop panic-buying as the fuel subsidy will not end until the end of June.
The statement seeks to stem the chaos sparked by comments at his inauguration on Monday when he said the subsidy was “gone”, but he gave no timeframe or other details.
The statement says his remarks are “neither a new development nor an action of his new administration”, explaining that the decades-long subsidy was only funded until the end of June.
“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,” it said.
“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.”
Some people have posted videos online of filling stations already increasing prices, in some cases by more than 200%.
The statement from the presidency added that Mr Tinubu’s plan was to channel the money previously spent on the subsidy “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.”
Latest Stories
-
Nightclub fire kills seven in Murcia
3 mins -
US Congress avoids government shutdown in last-minute deal
31 mins -
2nd STEM Road Show to focus on career opportunities
1 hour -
Agenda 111: 89 hospitals are 52% complete, over 65K person to be employed – Akufo-Addo
2 hours -
Who was Tupac Shakur?
2 hours -
Woman in £37,000 payout after boss dismissed menopause ‘excuses’
2 hours -
Super Morning Show wins CIMG Radio Programme of the Year 2022
11 hours -
Myjoyonline.com wins CIMG ’Online News Portal’ for the second year running
11 hours -
Tottenham 2-1 Liverpool: PGMOL admits ‘significant human error’ over disallowed Luis Diaz goal
14 hours -
Premier League: Tottenham beat nine-man Liverpool with late own goal
14 hours -
Government, Global Mercyship partner to offer free surgical care
16 hours -
Nkrabeah Effah-Dartey: Swan song for Alan Kyerematen
16 hours -
Police to grant NDC security for demonstration against BoG
17 hours -
CAF Confederation Cup: Dream FC edge Kallon to reach group stage on first attempt
17 hours -
CAF CL: Medeama see off Horoya to become first Ghanaian team to reach group stage in 11 years
17 hours