Tinubu Contemplating ‘Temporary subsidy’ on petrol over landing cost as Kenyan Re-introduced subsidy over hardship
President Bola Tinubu is considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to soar, TheCable understands.
There is yet no final decision, presidency sources, but the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal of the petrol subsidy in May 2023.
Already, labour unions have threatened to embark on an indefinite strike if the petrol price further surges.
The Kenyan government, on Monday, re-introduced fuel subsidies to curb soaring prices of petrol, kerosene, and diesel in the country.
President Bola Ahmed Tinubu removed the subsidy on petrol and said the decision would free up money for education, regular power supply, transport infrastructure and healthcare, Nigerians have started lamenting that they are yet to feel any positive impact of the policy.
Among the Nigerians, complaints are that life has rather become more miserable for them. They criticised the president for ‘foisting an anti-people economic policy’ on the country.
Tinubu during his inaugural speech at Eagle Square on Monday, May 29, after he was sworn in as Nigeria’s 16th president, stated that the 2023 budget made no provision for fuel subsidy, adding that subsidy payment was no longer justifiable. He promised that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
They urged the president to either reverse the policy immediately or fix the nation’s refineries for local refining of petroleum products to bring the pump prices within the reach of the average citizen.