BREAKING: Tinubu's govt bows to pressure, declares end to fuel, FX subsidies, reason emerges

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

FCT, Abuja - The federal government led by President Bola Ahmed Tinubu has officially announced the termination of fuel and foreign exchange subsidies, marking the end of a long-debated policy.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17.

As reported by The Nation, Edun revealed that these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five percent of Nigeria’s Gross Domestic Product (GDP).

The minister also announced a new government plan aimed at addressing unemployment, with a focus on housing finance.

Recall that the NNPCL raised the pump price of fuel. Reports show that petrol, which previously sold for N897 per litre in Abuja, now retails at N1,030 per litre.

This represents a 14.8% or N133 rise when compared to the pump price quoted as of September 2024.

The change in pump prices was observed at various NNPCL stations in Abuja.

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Group proffers solutions to fuel price

Legit.ng reported that President Bola Tinubu has been urged by the Transparency Accountability for Development Initiatives (TADI) to fire the administrators of Nigeria's oil industry due to the petrol crisis rocking the nation.

TADI's programs research and public relations officer, Adeniran Taiwo, responded in Abuja over the weekend to the recent increase in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL), which saw prices rise from N895 to N1,030.

Taiwo also urged President Bola Tinubu to step in and alleviate Nigerians' suffering.

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Source: Legit.ng