Fuel Subsidy is gone — Tinubu declares

Mr Tinubu says the 2023 budget does not have provision for fuel subsidy regime.

President Bola Tinubu has declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.The current 2023 budget has provision for the fuel subsidy till June.

“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. The Nigerian government has, for decades, subsidised fuel and fixed retail prices of petroleum products. The payment has, however, threatened the nation’s fiscal position and impacted the government’s ability to fund developmental projects across the nation.

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