According to reports, President Bola Ahmed Tinubu is considering reversing the removal of fuel subsidy in order to alleviate poverty.
The fuel subsidy removal and unification of foreign exchange window was introduced by Tinubu, within a month of his inauguration which led to immediate macroeconomic effects such as increased price for transportation, goods and services.
An official from the presidency asserted that the removal of fuel subsidy exposed the actual petrol consumption in the country, which will allow a better control over subsidy expenditure.
The removal of subsidy led to nationwide protests organized by Labour Unions, demanding a solution to that country’s hardships.
Amidst rumours about further increase in pump prices, riding crude oil prices and foreign exchange rate, there has been panic buying despite the Nigerian National Petroleum Corporation (NNPC) Limited clarification that there are no plans to raise pump prices.
Reports suggests that due to the present economic hardship, President Tinubu might consider reversing the subsidy removal though no final decision has been made.
