Fuel Subsidy is Over, Declares Tinubu
APC Presidential candidate, Tinubu
President Bola Ahmed Tinubu who took over from former President Muhammadu Buhari on Monday has declared that the much talked about fuel subsidy is gone.
Tinubu said that he has taken a look at this year’s budget and that it does not have any provision for fuel subsidy.
It would be recalled that former President Muhammadu Buhari’s administration had said that fuel subsidy will end by June.
Tinubu who spoke during his inauguration in Abuja said that funds for subsidy would be diverted to other areas such as public infrastructure, education, health care, and job creation.
He said, “We commend the decision of the outgoing administration in 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, re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions.”
Buhari’s administration had planned to end fuel subsidy in June.
Other presidential candidates and Tinubu during the 2023 presidential campaign had promised to end fuel subsidy which has gulped trillions of Naira each year in recent time.
Tinubu said that he has taken a look at this year’s budget and that it does not have any provision for fuel subsidy.
It would be recalled that former President Muhammadu Buhari’s administration had said that fuel subsidy will end by June.
Tinubu who spoke during his inauguration in Abuja said that funds for subsidy would be diverted to other areas such as public infrastructure, education, health care, and job creation.
He said, “We commend the decision of the outgoing administration in 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, re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions.”
Buhari’s administration had planned to end fuel subsidy in June.
Other presidential candidates and Tinubu during the 2023 presidential campaign had promised to end fuel subsidy which has gulped trillions of Naira each year in recent time.
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