Fuel price hike
EKO HOT BLOG reports that protesters supporting the recent fuel subsidy removal caused a mild disruption at the National Assembly’s main entrance, also known as Mopol gate.
They were voicing their solidarity with President Bola Tinubu’s decision to eliminate the subsidy, which he announced during his inaugural speech on May 29.
The protesters praised the President’s move, viewing it as a crucial step in addressing the economic challenges that have plagued the nation. The 2023 budget indicated the absence of a petroleum subsidy regime, leading to the recent price hike by the Nigerian National Petroleum Corporation Limited and other oil marketers, raising petrol prices from about N537/litre to between N617 and N630/litre.
Sunday Attah, the convener of Stand Up Nigeria, expressed support for the Tinubu-led administration’s decision, emphasizing that it was necessary to eliminate corruption and financial leakages. While acknowledging initial concerns and panic buying, Attah pointed out that the fuel scarcity and long queues at stations had disappeared.
He argued that this move had freed up resources that could now be channeled into productive sectors, benefiting the economy as a whole.
In the past, attempts to remove fuel subsidies faced opposition, with fears that it would lead to an uncontrolled increase in fuel prices and possible embezzlement of the funds saved. However, Attah highlighted President Tinubu’s integrity and commitment to using the funds for national development.
He also mentioned the President’s plans for palliative measures to alleviate the impact of the fuel price increase.
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