Fuel Queues Resurface Hours After Tinubu Announced Subsidy Removal

Lagos is already witnessing queues in petrol stations only few hours after President Bola Tinubu announced that “fuel subsidy is gone”.

Some Nigerian National Petroleum Corportation (NNPC) stations in Ikeja, Ipaja and Ayobo were crowded by motorists who rushed to buy the product.

However, many private marketers were closed, ostensibly waiting to read and react to the new presidential position on subsidy.

Indeed, President Bola Tinubu affirmed that the controversial fuel subsidy has been removed.

Tinubu said the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

“The fuel subsidy is gone,” Tinubu said in his inaugural speech at the Eagle Square on Monday after he was sworn in as Nigeria’s 16th President.

Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.

He also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.

The President said the interest rate is currently too high and will be reviewed.

He assured investors that multiple taxation will be reviewed to attract fresh foreign direct and local investments, even as he promised one million jobs in the digital economy.

Furthermore, the former Lagos State governor vowed to rid Nigeria of terrorism and criminality.

“Security shall be top of our administration,” he said, adding that he will reform security architecture, invest more in security personnel, better training and provide better equipment for security personnel.

The new President said he will end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption.