Apparently in reaction to President Bola Ahmed Tinubu’s declaration that “fuel subsidy is gone”, queues surfaced in some stations in Lagos and the federal capital, Abuja today.
Fuel subsidy was meant to be stopped at the end of June, which President Tinubu affirmed in his inaugural address.
Daily Trust reports that NNPC stations in Ikeja, Alausa was crowded by motorists who rushed to buy the product.
Many private stations were not selling as of the time of filing this report.
Also in Abuja, queues are springing up across the capital city.
In his inauguration speech, President Tinubu had said subsidy was benefitting the rich at the expense of poor.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions”, he said.
He said he would also review complaints on multiple taxation so as to boost the economy and attract investors.
President Tinubu also spoke on revamping Nigeria’s economy by ensuring budgetary reforms and promised to make electricity more accessible by encouraging various state governments to participate in power generation.
He added that his government will review various multiple taxations.
