President Bola Ahmed Tinubu said he would not keep the controversial fuel subsidy a day longer after he took over the reins of leadership from Muhammadu Buhari Monday in Abuja.
Soon after his pronouncement fuel queues were seen in some stations in Lagos, as Nigerians awaited a clearer picture of Tinubu’s intentions regarding the fuel subsidy regime, Buhari wanted to remove a few weeks to expiration of his tenure.
Tinubu spoke on the subsidy during his swear-in: “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.”
