The Federal Government has said Nigerians should stop the ongoing panic buying of petrol by consumers across the country, saying that subsidy removal will not end up until July 2023.
In a statement that was issued by President Bola Ahmed Tinubu’s media centre on Monday, it said the president’s remark on ending the subsidy regime was just a communication of the status quo, pointing to the fact that there was no provision for subsidy payment in the 2023 national budget from July 2023.
“The public is advised to note that President Bola Tinubu’s declaration that “subsidy is gone” is neither a new development nor an action of his new administration. He was merely communicating the status quo, considering that the previous administration’s budget for fuel subsidy was planned and approved to last for only the first half of the year.
“Effectively, this means that by the end of June, the Federal Government will be without funds to continue the subsidy regime, translating to its termination. The panic-buying that has ensued as a result of the communication is needless; it will not take immediate effect.
“Furthermore, President Tinubu was clear about his plans to re-channel the funds previously devoted to the payment of subsidies into better investments that will cushion the effects of the removal on the general public, especially the poor of the poor.
“This includes but is not limited to investments in public infrastructure, education, healthcare, and jobs that will materially improve the lives of millions of Nigerians and increase their earning potential,” the statement read.