President Bola Tinubu has announced the removal of the fuel subsidy from July 1, 2023, emphasising that his government will not provide funds to subsidise the product.
He announced this on Monday during his inaugural speech as the 16th President of Nigeria at Eagle Square, Abuja.
Mr Tinubu said he is taking this decision because the 2023 budget has not provided for the payment of fuel subsidy from the second half of the year.
In the 2023 Appropriation Act signed into law by former President Muhammadu Buhari, the provision was only for January 1 to June 30.
He gave the directive at the Eagle Square Abuja while delivering his maiden address to Nigerians.
“On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy.
“Fuel subsidy is gone,” he simply stated.