The Nigerian Fuel subsidy is the reduction of the price of petrol and petroleum products by the government, for end users. The previous government outlined the cost of subsidizing fuel for the first 6 months of 2023, which was over three trillion Naira, and that payment would stop at the end of June 2023. Hence, no more reduced cost of products and commodities because as a nation we depend on petrol, a lot.
According to ChannelsTV, the Government previously declared its intention to stop the payment of fuel subsidy. This policy shift was announced by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, during the presentation of the 2023 Federal Government budget.
The clear statement from President Tinubu during his inauguration on May 29 2023, highlights the government’s determination to execute the planned removal of the subsidy, amongst other things.
*Edited June 1 2023
According to reports across Nigeria, fuel prices have increased from less than 200 Naira to 500+ Naira.