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House of Reps Reveals Position on Fuel Subsidy Removal by President Tinubu
Nigeria

House of Reps Reveals Position on Fuel Subsidy Removal by President Tinubu

by  Ridwan Adeola 2 min read
  • The House of Representatives on Tuesday, May 30, threw its weight behind President Tinubu on the removal of subsidy on petroleum products
  • The House further appealed to Nigerians to be patient and prayerful to allow the new president deliver on his promises
  • In his inaugural address, Tinubu had said petrol subsidy is “gone,” a comment that has caused racketeering and panic buying in the supply chain of the petroleum product

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FCT, Abuja - During plenary on Tuesday, May 30, members of the House of Representatives sent a commendation to President Bola Ahmed Tinubu.

The lawmakers’ praise follows President Tinubu’s decision to remove the subsidy on Premium Motor Spirit (PMS), popularly known as petrol, Channels Television reported.

fuel subsidy/fuel subsidy removal
The House of Representatives has commended President Bola Tinubu for his decision to remove subsidy on petrol. Photo credits: @AMsDtt, @HouseNGR
Source: Twitter

This followed a motion of urgent public importance moved at the plenary by Jimoh Olajide from Lagos state, according to The Nation.

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BREAKING: Shettima backs Tinubu’s pronouncement on subsidy removal

Recall that in his inaugural address on Monday, May 29, Tinubu had declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.

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He stated that funds for subsidY would be diverted to other areas like education, public infrastructure, health care and jobs.

Fuel subsidy removal: More stakeholders back Tinubu

The president's stance received the backing of the Nigerian National Petroleum Company Limited (NNPCL).

After an emergency meeting in Abuja, the Group Chief Executive Officer (GCEO) of NNPC Limited, Mallam Mele Kyari, noted that the removal of subsidy, which had been a burden on the NNPCL cash flow, will free up funds to enable optimal operations in the company.

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"Too harsh": President Bola Tinubu speaks on use of old and new naira notes as Emefiele prepares to leave

Following Tinubu’s comments, huge queues resurfaced at filling stations in some parts of Nigeria — a situation the Independent Petroleum Marketers Association of Nigeria (IPMAN) blamed on panic buying.

Meanwhile, Tinubu’s media team said the rush to purchase petrol and hoarding of the commodity by some petrol stations is needless as the removal is not immediate.

Nigerians berate Tinubu’s subsidy removal

Legit.ng earlier reported that the petrol subsidy removal announced by President Tinubu on the day of his inauguration drew backlash from Nigerians.

Nigerians have said the subsidy removal was thoughtless and adequate plans had yet to be put in place by the government to cushion the effect of the removal.

Source: Legit.ng

Authors:
Ridwan Adeola avatar

Ridwan Adeola (Current Affairs Editor) Ridwan Adeola Yusuf is a content creator with more than nine years of experience, He is also a Current Affairs Editor at Legit.ng. He holds a Higher National Diploma in Mass Communication from the Polytechnic Ibadan, Oyo State (2014). Ridwan previously worked at Africa Check, contributing to fact-checking research works within the organisation. He is an active member of the Academic Excellence Initiative (AEI). In March 2024, Ridwan completed the full Google News Initiative Lab workshop and his effort was recognised with a Certificate of Completion. Email: ridwan.adeola@corp.legit.ng.

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