News
Just In: Tinubu Mulls ‘Temporary Fuel Subsidy’
Indications have emerged that President Bola Tinubu is considering introducing a “temporary subsidy” on fuel as crude oil prices and foreign exchange rates continue to skyrocket.
A presidency source told The Cable of this development but added that there was yet no final decision.
According to a report by The Cable yesterday, the source further said that the proposal was “firmly on the table.”
The presidency official told The Cable that the “realistic” amount of petrol consumed in Nigeria was now known following the removal of subsidy, hence the amount spent on subsidy “can now be controlled.”
The ‘temporary subsidy’ introduction could be a response by the Federal Government under President Tinubu to the excruciating hardship Nigerians have been going through since the withdrawal of fuel subsidy during his inaugural speech on May 29, 2023. The fuel subsidy withdrawal led to hikes in fuel pump prices, increase transport fares and higher inflation.
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