Presidency defends Tinubu's stance on fuel subsidy amid rising costs

The presidency hinted that relief might come with the operationalisation of the Dangote Refinery and other local refineries

In response to recent criticisms, the Presidency has firmly defended President Bola Tinubu's stance on fuel subsidy removal.

Special Adviser on Information and Strategy Bayo Onanuga clarified that the current administration has not reintroduced fuel subsidies, contrary to media claims.

Onanuga emphasised that subsidy provisions have been entirely removed from the national budget since May 29, 2023, when President Tinubu announced the deregulation of the Premium Motor Spirit (PMS) sector.

"There is no discovery. No lie uncovered," Onanuga stated, responding to allegations that the government had secretly continued subsidising fuel.

He further explained that the Nigerian National Petroleum Corporation (NNPC) Limited's decision to absorb rising petrol costs is a temporary measure aimed at shielding consumers from financial strain.

However, he noted that this approach is becoming unsustainable due to the rising crude oil prices and the devaluation of the naira.

Onanuga hinted that relief might come with the operationalisation of the Dangote Refinery and other local refineries, which could stabilise fuel prices and reduce the need for foreign exchange in petroleum imports.

"This will create many good-paying jobs along the valuechain and benefit the economy," he added.

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