Removal of Fuel Subsidy

…Fuel Prices Shoot up as Tinubu Says Removal, Not Immediate

Soludo Warns Filling Stations against Exploitation

As the confusion caused by the announcement of the stopping of fuel subsidy by President Ahmed Bola Tinubu deepens, the presidency has come out with a counter announcement stating that the withdrawal of the subsidy will not be immediate, reports Jude Atupulazi.

The announcement by Tinubu in his inaugural speech last Monday, had triggered panic buying across the states of the country, with the attendant rise in the price of fuel and its scarcity in some states. This comes just as the Anambra State Government has warned petroleum products marketers against hiking their prices.

The State Commissioner for Petroleum and Mineral Resources, Barrister Tony Ifeanya, in a statement, said his ministry would sanction any petrol station found violating its directive.

A press statement by The Asiwaju Bola Ahmed Media Centre in the wake of the initial announcement, explained that the announcement of the removal of the fuel subsidy on Monday by the President would no longer take immediate effect.-

The Centre urged the public to relax panic-buying that had ensued as a result of Tinubu’s speech.

The statement explained the development was neither a new development nor an action of the new administration.

The Tweet read: ‘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 poorest 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 potentials.’

Anambra Govt Warns Against Hike in Petrol Pump Price

Meanwhile, the Anambra State Government has warned petroleum products marketers against hiking the prices of their products following President Bola Ahmed Tinubu’s pronouncement on fuel subsidy removal.

Speaking in Awka, the Commissioner for Petroleum and Mineral Resources, Barrister Tony Ifeanya, warned that the ministry would not hesitate to sanction any petrol station that violated government’s directive.

Barrister Ifeanya said no petrol station in the state had any reason or justification to hike the prices of the products since the Federal Government was yet to commence the removal of fuel subsidy, which, he explained, was still going to be a process and through a procedure.

He also noted that the petrol stations were still selling products purchased at normal prices from the depot and were no way affected adversely by the President’s pronouncement.

The Commissioner pointed out that hike in prices of petroleum products would have chain reactions on the economy and increase transport fares and prices of goods in the market.

He stressed that the state government would not allow any individual or group to subject Ndi Anambra to untold hardship because of selfish interest, adding that regulatory agencies would be notified to take necessary actions against petrol stations that sold above the approved pump price.

Barrister Ifeanya said the State Joint Petroleum Enforcement Team would also be deployed to seal petrol stations that ignored government’s directive.