The removal of fuel subsidy will not take effect immediately, the Asiwaju Bola Ahmed Media Centre, clarified in a statement.
The media wing of President Bola Tinubu said the clarification became necessary that due to the panic-buying that has greeted the announcement by its principal.
Mr Tinubu, while delivering his inaugural address on Monday, announced the removal of fuel subsidy.
Hours after the announcement, long fuel queues resurfaced in Abuja and Lagos with some dispensing stations selling at exorbitant prices.
But in a statement on Tuesday, the media centre explained that there was nothing new about the proclamation as the immediate-past administration had earlier announced that the subsidy payments will end next month with no budget for it thereafter.
“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 explained.
“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.”
