President Bola Tinubu has on Monday, 29th May 2023 removed fuel subsidies as part of fiscal and petroleum sector reforms.
The president announced this during his official address to the Nation shortly after the swearing in ceremony at Eagles Square, Abuja.
President Tinubu said there is no need for fuel subsidy in his administration, therefore, fuel subsidy is hereby removed. He noted that there is need for further preparations and consultations with key stakeholders.
SpyeTV News reports that President Muhammadu Buhari, who steps down in May 2015, had planned to remove the popular but costly subsidy in 2022 as part of fiscal and petroleum sector reforms but abandoned the plan because of fears of protests in the run-up to last month's election.
Previous Nigerian governments have promised to remove the fuel subsidy, which most economists say is an unsustainable drag on public finances, but have failed to do so because of fierce opposition from citizens.