Nigerians will Start Buying Fuel at Cheap Rate As President Tinubu Officially Returned Back Fuel Subsidy.

 In a significant policy reversal, President Bola Tinubu has officially approved the use of dividends from the Nigerian National Petroleum Corporation (NNPC) for the payment of fuel subsidies.

This decision marks a departure from Tinubu’s earlier stance, where he declared the end of fuel subsidies during his inauguration on May 29, 2023. Despite months of denial, the administration has now openly acknowledged the resumption of subsidy payments, raising concerns about the economic implications for Nigerians.

The reintroduction of fuel subsidies, however, does not signal a return to cheaper fuel prices for Nigerians. Despite the subsidy, fuel prices remain above ₦650 per litre, driven largely by the severe devaluation of the naira. Under Tinubu’s administration, the naira has plummeted from ₦400 to ₦1,600 against the U.S. dollar, significantly increasing the cost of importing fuel. As a result, the fresh subsidy payments are unlikely to ease the financial burden on citizens.

The initial announcement of the removal on May 29 led to an immediate surge in petrol prices, from ₦180 per litre to ₦550, and currently hovers around ₦950 per litre. This dramatic increase has exacerbated the cost of living for Nigerians, many of whom are struggling to afford basic necessities. The reintroduction of subsidies, in this context, offers little relief and raises questions about the government’s economic management.

APC Bola Tinubu want Nigerians to endure hardship and hunger he plagued but he refuses to stop frivolous spending 

Adding to the public discontent is the perception of government extravagance amid calls for austerity. While urging Nigerians to tighten their belts, President Tinubu’s administration has reportedly spent over ₦150 billion (approximately $150 million) on a new presidential jet.

 Additionally, Tinubu recently acquired a new Cadillac, with a street value estimated between ₦900 million and ₦1.5 billion, further fueling criticism of the government’s spending priorities.

In summary, the fresh payment of fuel subsidies under Tinubu’s government is unlikely to benefit the average Nigerian. With the naira’s devaluation driving up the cost of imported fuel, the subsidies are expected to have a negligible impact on fuel prices. Instead, they may further strain the country’s finances, raising concerns about the long-term economic outlook and the government’s commitment to addressing the pressing needs of its citizens.

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