STOP PANIC BUYING, SUBSIDY REMOVAL NOT IMMEDIATE – TINUBU MEDIA TEAM
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The Asiwaju Bola Ahmed Media Centre, has urged Nigerians to stop panic buying of fuel over President Bola Tinubu’s announcement that fuel subsidy would be removed.
The Tinubu media centre made this appeal in a statement issued via its verified Twitter handle on Tuesday.
Tinubu announced in his inaugural speech as the 16th President of Ngeria on Monday that the petrol subsidy era was over.
He said, “On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So, fuel subsidy is gone.”
In response to Tinubu’s statement, several parts of the country experienced huge queues at filling stations on Tuesday, — a situation the Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed on panic buying.
The statement by the media team however, said the rush to purchase petrol “is needless” as the president only spoke based on already existing plans adding that the removal of the subsidy will not happen soon.
It said, “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 reads.
“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.
“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.”
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