Subsidy Removal Won’t Take Immediate – Tinubu Clarifies

Date:

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.

 

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.

 

Furthermore, 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.

 

President Media Team

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Press Release: Sales Yakata 3.0 Brings Affordable Shopping to Lagos to Combat Rising Prices

In the face of rising costs, BrandTell Nigeria, a...

Equatorial Guinea’s financial crime boss Baltasar Ebang Engonga caught in s3x scandal

Equatorial Guinea’s financial crime boss Baltasar Ebang Engonga caught...

Oscars 2025: The 12 Leading Contenders for Best Picture

As award season heats up, here are a dozen...

Nigerian Film Industry Mourns the Loss of Visionary Director, Dimeji Ajibola

The Nigerian movie industry has been plunged into mourning...