Fuel subsidy has come to stay, FG insists amidst biting hunger, protests

Tinubu.
Tinubu
Fuel subsidy has come to stay, FG insists amidst biting hunger, protests

Despite ongoing protests over the rising cost of living, the Nigerian government has ruled out reinstating fuel subsidy.

Minister of Finance Wale Edun made the clarification during a recent interview on AIT.

Edun said that fuel subsidy is not included in the 2024 national budget and cited economic progress as a reason to maintain current policies.

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“There is no fuel subsidy in the budget. We have signs that we are moving in the right direction, and we must maintain this trend,” he stated.

This comes after President Bola Ahmed Tinubu, in his nationwide address on Sunday, defended the subsidy removal as a necessary measure, despite its painful impact.

However, former President Olusegun Obasanjo in a recent interview with Financial Times countered the President’s remarks, saying that fuel subsidy have effectively returned due to inflation.

The fuel subsidy removal in June 2023 led to a price hike, from N238 to over N600 per litre. Protesters have demanded its reinstatement as a solution to the rising cost of living.

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DISCLAIMER: The views and opinions expressed in Fact Check are those of the authors and do not necessarily reflect the official policy or position of Fact Check. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.

Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.

Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.

 

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