Few hours after President Bola Tinubu declared that “fuel subsidy are gone,” lines at gas stations in Lagos began to form.
In Ikeja, Lagos, NNPC (Nigerian National Petroleum Corporation) stations were congested with hurriedly purchasing motorists.
According to the Daily Trust, several private stations were still not selling at the time this report was filed.
The newly elected president of Nigeria formally declared the withdrawal of fuel subsidies, claiming that there was no provision for them. This was previously reported by SaharaReporters.
This was said by Tinubu on Monday at Eagle Square in Abuja during his inauguration speech.
He had claimed to have been told there was no funding for fuel subsidies and that they were no longer justifiable.
“Fuel subsidy is no longer,” he declared. With resources running out, subsidies can no longer justify their rising costs. We will instead re-direct the money towards better investments in public infrastructure, education, health care, and jobs that will significantly enhance the lives of millions of people. There is no fuel subsidy provision.
A “thorough house cleaning,” he added, with the interest rate going down.