President Bola Tinubu, in a statement released on his media centre handle on Twitter, said subsidy removal is neither a new development nor an action of his new administration.
This comes as mixed reactions trailed the development which was announced during his inauguration on Monday.
The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, expressed concern, saying the fuel subsidy removal announcement has already triggered fuel scarcity and price gouging all over Nigeria.
Sowore stated this in a tweet via his verified Twitter handle on Tuesday.
He said: “This is why Nigerians must understand that nothing good will come out the Nigerian Elite-in and out- of power. They’re always after you. They don’t care about you!”
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Meanwhile, the presidential candidate of Social Democratic Party’s, SDP, Adewole Adebayo, described the announcement of the fuel subsidy removal as untidy and ill-timed.
Adebayo stated this in a statement via his official Twitter handle @Pres_Adebayo on Tuesday.
Noting that it might appear to early to criticize him, having just been sworn into office, Adebayo said President Tinubu should be reminded that the occasion of his inaugural speech was not the best avenue to have announced the suspension of such a macroeconomic policy.
He insisted that Nigerians would need a shock absorber in form of an alternative measures to cushion the effect of fuel subsidy removal before any action could be taken in that direction.
Adebayo wondered if that was what Nigerians would get from the much touted renewed hope.
He said: “I don’t want to seem impatient or trigger happy in criticism of brandy new president Tinubu. But it is not a neat way to announce a cost driven macroeconomic policy of fuel subsidy removal by just dropping it in an inaugural speech. We need shock absorbers first. Renewed hope?”
Reacting to the criticisms trailing the announcement, the president’s media centre wrote: “The public is advised to note that President Bola Tinubu’s declaration that “subsidy is gone” is neither a new development nor an action of his new administration.
READ ALSO: NLC Knocks President Tinubu Over Decision To Remove Fuel Subsidy
“He was merely communicating the status quo, considering that the previous administration’s budget for fuel subsidy was planned and approved to last for only the first half of the year.
“Effectively, this means that by the end of June, the Federal Government will be without funds to continue the subsidy regime, translating to its termination.
“The panic-buying that has ensued as a result of the communication is needless; it will not take immediate effect.
“Furthermore, President Tinubu was clear about his plans to re-channel the funds previously devoted to the payment of subsidies into better investments that will cushion the effects of the removal on the general public, especially the poor of the poor. This includes but is not limited to investments in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions of Nigerians and increase their earning potential.”
