By Deborah Osagiede
Fuel subsidy removed by President Bola Ahmed Tinubu has taken effect in Sokoto and other states in the early hours of Tuesday.
President Bola Ahmed Tinubu stated in his inauguration speech that “Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall defend the nation from terror and all forms of criminality that threaten the peace and stability of our country. 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. Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate”. He said.
It’s been less than 12 hours that President Bola Ahmed Tinubu announced the removal of fuel subsidy, but Nigerians are complaining that most fuel stations in Nigeria have started increasing prices, Some have stopped selling, & are waiting for scarcity to start so they can make excess profit.