ENUGU, Nigeria (VOICE OF NAIJA)- Nigerians have reacted to the removal of fuel subsidy by President Bola Ahmed Tinubu, moments after taking oath of office.
This is a decision that former President Muhammadu Buhari couldn’t make in his eight years in office.
Meanwhile, President Tinubu condemned the plans by former President Goodluck Jonathan to remove the subsidy during his administration.
Voiceofnaija.ng reports that Tinubu made this known on Monday during his inaugural speech as president at Eagle square, Abuja.
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According to him, the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“On fuel subsidy, Unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So fuel subsidy is gone.
“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.
“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.”
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Nigerians since have reacted as they expressed fear that the price of fuel will go higher.
Reacting, @suresource_1 said: “Nigerians should better prepare for a hike in the price of fuel in the coming months. The implications are huge – high transportation cost which would have a cyclonic effect on other critical sectors of the economy. Brace yourselves up!
@temitopoladokun: “Fuel price has been hiked to #255 in my area since yesterday.”
Also, another Twitter user @ObHaxane said: “With the huge debt burden I was expecting austerity measure, cut the cost of governance and executive spending, reduce planes in the fleet etc.”
READ ALSO: President Tinubu Removes Fuel Subsidy, Lists Action Plans In Inaugural Speech
@The official POMA wrote: “January, 2012: Tinubu accused the President Jonathan of betraying its social contract with the people by suddenly removing fuel subsid.
“May, 2023: Tinubu removes fuel subsidy with immediate effect, during his inaugural speech.
“What a man…!”