Residents of Lagos have started experiencing another rounds of long queues in various petrol stations following the announcement of the fuel subsidy removal by President Bola Tinubu.
AM Business reported that Tinubu, in his inaugural speech shortly after his swearing-in in Abuja, declared that “fuel subsidy is gone”.
He claimed that the budget he is inherited from his predecessor, Muhammadu Buhari, does not include any funding for fuel subsidies.
The president stated that the money used for subsidies would be used for other purposes, particularly for infrastructure, health, and education.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.
“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 in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” Tinubu declared.
In Nigeria’s 2023 budget, the federal government allocated ₦3.6 trillion to pay for fuel subsidies for the first half of 2023.
According to The Cable, this figure shows a huge gap compared to the allocated ₦443 billion subsidy payment for January to June 2022.
According to reports, NNPC stations in Ikeja and Alausa areas of Lagos were crowded by motorists who rushed to buy petrol, while many private filling stations refused to sell the product on Monday.
A resident identified as Adeyemi Samuel while reacting tweeted, “Baba Announce No More Subsidy, Fuel Queue Everywhere in Lagos filling station, Nigeria which way ooooo?!”.
Social media news platform @LegitGists in their reported tweeted,”Petrol stations in Lagos started witnessing queues few hours after President Bola Tinubu announced that “fuel subsidy is gone”.
“We observed that MRS and Total stations in Ikeja were crowded by motorists who rushed to buy the product.”
Another resident @Abubakar tweeted, “There are already fuel queues everywhere in Lagos. The pump price is about to be adjusted to reflect subsidy differentials.
“By tomorrow morning, fuel prices should be an average of ₦350 per liter.”
While @UdeIdibia tweeted, “A lot of fuel stations in Lagos ain’t even selling while the ones selling have madt ass queues”
In video clips obtained by PUNCH METRO from Abuja, longs queues have been reported in various part of the FCT.
A resident identified as @Liborous Oshoma Esq, while reacting to the development through his Facebook account posted, “Mix feelings as queue returns to fuel stations in Abuja immediately after inauguration.
“Abuja residents thrown into panic buying as President Tinubu announces removal of subsidy on petroleum products, upon assumption of office”.
Another resident, @Jevas Chibuike Ozougwu in his response stated, “It was wrong for the new president to have announced it in his first speech.
“Hoarding of the product will follow too. Massive scarcity in the days ahead.”
Josephine Okolo while reacting posted, “He he builds on a faulty foundation will keep on rebuilding after every collapse until he goes back and rebuilds that faulty foundation!”
