By: Editors
On Monday, fuel queues reappeared in Nigerian cities as many motorists rushed to obtain petroleum products, just hours after President Bola Tinubu announced the government’s intention to terminate the fuel subsidy regime.
In his inaugural address at Eagle Square, Abuja, Mr Tinubu declared that the petroleum subsidy regime was unsustainable and would no longer be in effect.
He further stated that the current 2023 budget only provides for the fuel subsidy until June, and that the funds previously allocated for subsidies would be redirected towards the creation of public infrastructure, education, healthcare, and job opportunities.
President Tinubu commended the outgoing administration’s decision to phase out the petrol subsidy regime, which had increasingly favored the wealthy over the poor adding that the ever-increasing costs of subsidies could no longer be justified in light of dwindling resources.
The new president promises to redirect these funds towards investments in public infrastructure, education, healthcare, and job creation that will significantly improve the lives of millions.
The termination of the fuel subsidy regime will certainly cause disruptions in the availability of petroleum products.
