JUST IN: Fuel Subsidy Removal Will Be Implemented After June 2023

JUST IN: Fuel Subsidy Removal Will Be Implemented After June 2023—-President Tinubu is not letting up on the fuel subsidy removal, but his administration will not implement the policy immediately.

Vanguard reports 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.”

Recall that TGM reported that the NNPCL, DAPPMAN, MOMAN, and NMDPRA are backing the fuel subsidy removal declaration by President Tinubu, stating that it is for the good of the country. However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said the association is not in support of the removal of fuel subsidies at this time.

This is because they want the country’s refineries to be fixed before taking such a decision that will cause galloping inflation and inflict more hardship on the masses.

More pushback

In a statement, the Trade Union Congress (TUC) said the fuel subsidy removal declaration made by President Tinubu on May 29 came as a shock to the Congress. A part of the statement read:

• “We were taken aback, even horrified, when President Tinubu announced the withdrawal of subsidy on petroleum products. If by this, he means increases in pump price and the exploitation of the people by unregulated and exploitative deregulated prices, then it’s a joke taken too far.
• “It is not for nothing the Buhari government pushed this to the new administration. But we expect the Tinubu government to be wise on such a sensitive issue and be more explicit in its pronouncement to avoid contradictory interpretation when comparing his written statement, what he said, and the provision in the 2023 Appropriation Act.”

The TUC also highlighted the fact that fuel subsidy removal is a very delicate issue that touches on the lives and survival of working Nigerians. So, the subsidy removal must be treated with utmost caution.

They also admonished the administration, saying the declaration should have been preceded by robust dialogue and consultation with the representatives of the working people, including professionals, market people, students, and the poor masses.