During his inaugural address to Nigerians on May 29, 2023, President Bola Ahmed Tinubu deviated from protocol when he announced the elimination of the fuel subsidy. Tinubu has provided an explanation for this deviation.
On Friday, June 23, 2023, the President made the announcement during a meeting with members of the Nigerian community in France.
Tinubu insisted that the fuel subsidy policy only rewarded smugglers and reduced the burden of the real cost of the commodity for some countries, calling it a "scam" and a barrier to growth.
Dele Alake, his Special Adviser on Special Duties, Communication, and Strategy, made this clear in a statement later on Friday.
The President revealed to the Nigerian diaspora in France that his Special Adviser on Monetary Policy, Wale Edun and Alake, had removed the removal of the fuel subsidy from his inaugural speech, "but he felt it was expedient to stop the subsidy on the first day."
“We have transport challenges, electricity challenges, infrastructural challenges and others. I let out the giant elephant of fuel subsidy without bringing down the house,’’ he said, adding, “Our diversity is our asset, if we know how to use it.’’
Tinubu shocked many Nigerians during his inaugural address shortly after he was sworn in on May 29 by declaring that "fuel subsidy is gone."
The presidential pronouncement led to an instant return of queues at filling stations across the country as fuel prices soared amid hoarding by marketers. The development provoked angry reactions from Nigerians leading to calls for protest by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).
Credit: PulseNews
){kind=link}