- Maintains no plans to back down or re-introduce policy
BY EDMOND ODOK – Despite the biting economic hardship nationwide and speculations in some circles, the President Bola Tinubu-led administration will not reintroduce fuel subsidy as a policy of the Federal Government.
Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, made the declaration while reacting to a report that the president is considering a temporary subsidy on petrol due to rising crude oil prices in the global market and foreign exchange rates.
Ajayi, who debunked the report in a post via the social media platform, X (formerly Twitter), said; “There is no plan to reintroduce any form of fuel subsidy. There is no condition to support any increase in prices at this time.
“President Tinubu is convinced based on information before him that we can maintain current pricing without reversing the current deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector”.
Nigerians have watched in awe as the pump price tripled from about N200 to over N600 since the May 29 inauguration of the new administration when President Tinubu announced the removal of subsidy on petrol with the resultant hike in the prices of goods and services.
With the worsening economic situation, palliatives announced by the president to cushion the impact of the fuel subsidy removal are yet to be implemented or their effects felt by the citizens despite measures being put in place by some state governments across the country.
