Stop panic buying, subsidy removal not with immediate effect – Tinubu’s media centre

Forum 10 months ago

Stop panic buying, subsidy removal not with immediate effect – Tinubu’s media centre

The Asiwaju Bola Ahmed Media Centre, has urged Nigerians to stop panic buying of petroleum product over the statement of President Bola Tinubu on fuel subsidy.

The Tinubu media centre made this appeal in a statement issued via its verified Twitter handle on Tuesday.

It noted that the President’s statement that petrol subsidy had stopped was not a new development but a restatement of the federal government’s intention to end subsidy by June.

Recall that, in his inaugural speech on Monday, Tinubu said the petrol subsidy regime was over.

The President said, “On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone.”

Following Tinubu’s comments, huge queues resurfaced at filling stations in some parts of Nigeria — a situation the Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed on panic buying.

But, the Tinubu media centre said the rush to purchase petrol “is needless” as the president only spoke based on already existing plans.

The centre added that the removal of the subsidy will not happen soon.

It said, “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,” the statement reads.

“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.

“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.”