Fuel Subsidy Removal will Take Effect From July- Tinubu

President Asiwaju Bola Ahmed Tinubu has clarified his announcement of the removal of the fuel subsidy on Monday, that the removal of the subsidy will take effect from June 2023.

This was revealed in a tweeter message which reads “The public is advised to note that President Bola Tinubu’s has urged the public to relax panic-buying that has ensued as a result of his speech.

President Tinubu noted that the declaration that “subsidy is gone” is neither a new development nor an action of his new administration.

The statement explained that the

“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.”