President Tinubu is not letting up on the fuel subsidy removal, but his administration will not implement the policy immediately.
Its was gathered and reported that the president met with key officials at the State House on Tuesday, May 30, to discuss the way forward in implementing the policy. These officials include the Central Bank of Nigeria Governor, Godwin Emefiele, and the Group Chief Executive Officer, Mele Kyari.
According to the report, sources within the presidency revealed that the fuel subsidy removal will commence after June 2023.
Also, the sources revealed that the meeting with key officials led to some directives, they include:
- Engage the Nigerian Labour Congress (NLC) to ensure the seamless removal of the subsidy.
- The Nigerian National Petroleum Company Limited (NNPCL) set up a template ensuring that no toxic fuel was imported into the country.
- NNPCL to create a benchmark for petrol prices.
Meanwhile, Nigeria’s Vice President, Kashim Shettima told the press on Tuesday, May 30 that President Tinubu is on the right track regarding fuel subsidy removal. According to him, it is either Nigeria gets rid of the subsidy, or the fuel subsidy gets rid of the Nigerian nation.
He said:
“In 2022, we spent $10 billion subsidizing the ostentatious lifestyle of the upper class of the society. We will get fierce opposition from those benefiting from the oil subsidy scam but where there is a will, there is a way. Be rest assured that our President is a man of strong will and conviction.
“In the fullness of time, you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better.”