Monday, September 25, 2023

Queues at Lagos, Abuja filling stations after Tinubu announces subsidy removal

According to him, Mr Tinubu’s move would cause marketers to hoard the commodity, resulting in unneeded fuel scarcity.

• May 29, 2023
Fuel queue
Fuel queue

A few hours after President Bola Tinubu declared that “fuel subsidies are gone,” petrol stations in Lagos and Abuja have begun experiencing long queues.

According to reports, filling stations in Lagos and Abuja were congested with vehicles hurrying to get the product because most stations were not selling it.

This comes shortly after President Bola Tinubu said that he would discontinue fuel subsidies.

Mr Tinubu claimed in his inauguration speech that subsidies benefited the wealthy at the expense of the poor.

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” Mr Tinubu said.

Kelechkwu Ogwu, a finance expert who spoke with Peoples Gazette, criticised Mr Tinubu’s choice to openly announce plans to remove fuel subsidy immediately.

According to him, Mr Tinubu’s move would cause marketers to hoard the commodity, resulting in unneeded fuel scarcity.

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