The African Action Congress (AAC) candidate during the 2023 Presidential election, Omoyele Sowore, has berated President Bola Ahmed Tinubu over the removal of subsidy on Premium Motor Spirit (PMS) also known as petrol.
Tinubu in his inaugural speech at the Eagle Square in the Federal Capital Territory (FCT), Abuja on Monday after he was sworn in as Nigeria’s 16th President said the era of subsidy payment on fuel has ended.
“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,” Tinubu said.
“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.”
The removal of subsidy following the president’s announcement has led to panic buying and arbitrary hoarding of the products which marketers introduced.
Sowore said Tinubu made the decision in haste, leading to people being stranded on Nigerian roads with transportation fares increasing abnormally.
“Worker’s minimum wage is N30k per month, @officialABAT just stumbled a few times at his inauguration and the only thing he could say was “Fuel Subsidy” is gone!,” Sowore said.
“He didn’t say next… Minimum Wage is now N250k! And now those who claimed this is good for Nigeria are stranded at home unable to pay their way to “work.
“Those who said an increase in minimum wage would lead to inflation are not saying a 300% increase in fuel price will kill everyone, even the middle class (if there exist any). They don’t care about you.”
On the other hand, the Nigerian National Petroleum Company Limited (NNPCL) has hailed President Tinubu over his decision to remove subsidy.
After an emergency meeting also in Abuja, the Group Chief Executive Officer (GCEO) of NNPC Limited, Mallam Mele Kyari, noted that the removal of subsidy, which had been a burden on the NNPCL cash flow, will free up funds to enable optimal operations in the company.
Kyari assured Nigerians of sufficient supply of the product.
“There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need,” Kyari said.
Kyari, however, appealed to Nigerians not to be scared or indulge in panic buying, adding that the company has over 30 days of PMS storage and supply.
