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President Bola Ahmed Tinubu has announced that the regime of fuel subsidy is gone. Tinubu made the pronouncement during his inauguration speech at the Eagle Square today.
He said that based on the budget he has seen, there is no provision for subsidy.
He said the money expended on subsidy would rather be used on other areas that would have a bearing on the lives of Nigerians.
With the pronouncement byTinubu, there are likely to be long queues in filling stations because the regime of subsidy ends this month end. This will also cause the price of fuel to escalate.
in March this year, the Group Chief Executive of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, said the landing cost of petrol has risen to N315/litre.