- The House of Representatives on Tuesday, May 30, threw its weight behind President Tinubu on the removal of subsidy on petroleum products
- The House further appealed to Nigerians to be patient and prayerful to allow the new president deliver on his promises
- In his inaugural address, Tinubu had said petrol subsidy is “gone,” a comment that has caused racketeering and panic buying in the supply chain of the petroleum product
The lawmakers’ praise follows President Tinubu’s decision to remove the subsidy on Premium Motor Spirit (PMS), popularly known as petrol, Channels Television reported.
Recall that in his inaugural address on Monday, May 29, Tinubu had declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.
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He stated that funds for subsidY would be diverted to other areas like education, public infrastructure, health care and jobs.
Fuel subsidy removal: More stakeholders back Tinubu
The president's stance received the backing of the Nigerian National Petroleum Company Limited (NNPCL).
After an emergency meeting in Abuja, the Group Chief Executive Officer (GCEO) of NNPC Limited, Mallam Mele Kyari, noted that the removal of subsidy, which had been a burden on the NNPCL cash flow, will free up funds to enable optimal operations in the company.
Following Tinubu’s comments, huge queues resurfaced at filling stations in some parts of Nigeria — a situation the Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed on panic buying.
Meanwhile, Tinubu’s media team said the rush to purchase petrol and hoarding of the commodity by some petrol stations is needless as the removal is not immediate.
Nigerians berate Tinubu’s subsidy removal
Legit.ng earlier reported that the petrol subsidy removal announced by President Tinubu on the day of his inauguration drew backlash from Nigerians.
Nigerians have said the subsidy removal was thoughtless and adequate plans had yet to be put in place by the government to cushion the effect of the removal.