News

Fuel Subsidy Removal Won’t Take Immediate Effect – Tinubu

President Tinubu has clarified that fuel subsidy removal won’t take immediate effect.

Glamtush reports that the Asiwaju Bola Ahmed Media Centre has explained the announcement of the removal of the fuel subsidy by President Bola Tinubu on Monday.

The Centre, in a statement, urged the public to relax panic-buying that has ensued as a result of his speech.

The statement explained the development is neither a new development nor an action of his new administration.

The Tweet reads: “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.”

 

 

GLAMTUSH

Recent Posts

Kim Kardashian Graduates From Law School After Six Years

Kim Kardashian has finally graduated from law school after six years.   Glamtush reports that…

3 hours ago

Fernandes Names Right Coach For Man Utd After Failing To Win Europa League

Fernandes has named the right coach for Man Utd after failing to win the Europa League.…

4 hours ago

Osimhen, Lookman Dropped From Super Eagles Squad To Play Ghana, Russia (Full List)

Osimhen and Lookman have been dropped from the Super Eagles squad to play Ghana and…

5 hours ago

Shettima Describes Dangote As Greatest Black Man In Past 300 Years

Shettima has described Dangote as the greatest black man in the past 300 years.  …

5 hours ago

Osun Residents Benefit From Fidelity Food Bank Initiative

Osun residents benefited from the Fidelity Food Bank Initiative.     Glamtush reports that over…

6 hours ago

Fidelity Bank’s N10.5tr Assets Base Reinforces Stakeholders’ Confidence

Fidelity Bank Plc added N1.63 trillion to its assets base within three months to strengthen…

6 hours ago