Many Nigerians woke up on the morning of May 29th to received a shocker after Nigeria’s new president, Bola Ahmed Tinubu, during his inaugural speech, announced that the “fuel subsidy is gone”
Tinubu said: “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.”
While there was applause from the inaugural attendees, the announcement will bring a new unfolding set of realities upon Nigerians across the country.
Following the fuel subsidy removal, petroleum pump prices were adjusted across all cities in the country.
The petroleum marketers had shared documents containing figures that were described as the “Current NNPC Pump Price”, and “New Pump Price,” of petrol, showing the latest cost of PMS in various states and the Federal Capital Territory.