Last year’s Petroleum Industry Act stipulated the cancellation of the petrol subsidy. However, President Muhammadu Buhari, Tinubu’s predecessor, continued to uphold it, contending that its termination would impose economic burdens on the Nigerian populace. The subsidy had been included in the amended 2023 budget until June’s end, with the decision to maintain or abolish further payments left to Buhari’s successor.
Shortly after his inauguration at 10:36am WAT on May 29, 2023, President Tinubu declared the cessation of the petrol subsidy due to its absence in the budget. “The ever-increasing costs of subsidy cannot justify itself amidst our dwindling resources,” he stated. He proposed diverting the funds to bolster public infrastructure, education, healthcare, and job creation, asserting this would drastically enhance millions of Nigerians’ lives.
Nigeria spends approximately N18.39bn
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