Just In: Tinubu declares end to fuel subsidy

By Ayorinde Oluokun

President Bola Ahmed Tinubu on Monday declared end to fuel subsidy im the inaugural speech he delivered after he was sworn into office.

Tinubu said from the 2023 budget he has seen, subsidy is supposed to end by June.

He therefore said subsidy of petroleum products cannot continue.

The president said there was no provision for subsidy in the national budget from June 2023 and, therefore, it stands removed.

“Fuel subsidy, unfortunate, the budget that was prepared before my assumption of office, what I have heard is that there is no provision for fuel subsidy.

“So, fuel subsidy is gone. Subsidy can no longer justify the ever increasing cost of dry resources,” he said.