Before President Bola Ahmed Tinubu took over office on May 29, 2023, fuel was sold at N198 per litre. Outlets of the Nigerian National Petroleum Corporation Ltd (NNPCL) which now have different prices, depending on the location, also sold at the old rate.
However, in his inaugural address at Eagle Square, Abuja, Tinubu exclaimed “Subsidy is gone”, resulting in an instant increase in fuel price from N198 to N540 at NNPC outlets.
According to the president, fuel subsidy had become a clog in the wheel of progress and needed to give way for the country to survive. Tinubu, who said subsidy was fueling corruption, vowed to pump the money saved from it into others aspects of the economy. …CONTINUE READING
