“The panic-buying that has ensued as a result of the communication is needless; it will not take immediate effect’’
President Bola Tinubu’s announcement of petrol subsidy removal at his inauguraton on Monday will not take immediate effect, it has been clarified.
“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,’’the Asiwaju Bola Ahmed Media Centre said on Tuesday.
In a statement obtained by Persecondnews, the centre urged the public not to engage in panic-buying of petrol which some unscrupulous marketers had taken undue advantage of to sell at outrageous pump prices.
The centre explained that the development was neither a new development nor an action of the 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.
“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.”