Petrol stations in Nigeria are hoarding and closing stations after president Bola Tinubu announced fuel subsidiary removal during Inauguration ceremony

Petrol stations in Nigeria are hoarding and closing stations after president Bola Tinubu announced fuel subsidiary removal during Inauguration ceremony.

Some Nigerian National Petroleum Corportation (NNPC) stations in Ikeja, Alausa were crowded by motorists who rushed to buy the product.

Many private stations were not selling as of the time of filing this report, Daily Trust reports.

SaharaReporters earlier reported that the newly inaugurated Nigerian president officially announced the removal of fuel subsidy, saying that there was no provision for it.

Tinubu had said this on Monday during his inaugural speech at Eagle Square in Abuja.

He said, “Fuel subsidy is no more. 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.

“No provision for fuel subsidy.”

He said there would be a “thorough house cleaning,” adding that the interest rate would be reduced.

The reason behind the act was not made known to our correspondent as at the time of filing this report.

On May 29th, President Muhammadu Buhari’s administration handed over to President Bola Ahmed Tinubu. The handover marked the continuous transfer of democratic power since 1999, a milestone in the history of Nigeria.

Despite the excitement that has heralded President Tinubu’s inauguration, the truth remains that he has inherited a very troubled economy. And he has his job cut out for him, as far as the economy is concerned.

He appreciated the contributions of the affected appointees to the development of the State, wishing them success in their next endeavours.

A statement by the Press Secretary to the Governor, Humwashi Wonosikou, on Monday, quoted Fintiri as saying: “I appreciate every contribution you have made towards the growth and development of our dear State in the last four years; the team spirit is the result of our good performance that has made Adamawa a model for others.”