Tope Ajayi, the Senior Special Assistant to the President on Media and Publicity, stated on Tuesday that the Bola Tinubu administration has no plans to reinstate fuel subsidy.
Ajayi made the claim on X, formerly known as Twitter, saying, “There is no plan to reintroduce any form of fuel subsidy. There is no condition to support any increase in prices at this time. President Tinubu is convinced based on information before him that we can maintain current pricing without reversing the current deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.”
There is no plan to reintroduce any form of fuel subsidy. There is no condition to support any increase in prices at this time. President Tinubu is convinced based on information before him that we can maintain current pricing without reversing the current deregulation policy by… pic.twitter.com/PAZtQUTwjr
— Temitope Ajayi (@TheTope_Ajayi) August 15, 2023
Ajayi’s remark came after reports that the fuel subsidy had been temporarily reinstated in response to an increase in the landing cost of fuel brought on by the Naira’s wild slide on the black market.
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Due to the withdrawal of the petrol subsidy and the Central Bank of Nigeria’s unification of the naira at both the I and E window and parallel markets, Nigeria has continued to struggle with the skyrocketing costs of goods and services.
Independent oil marketers suggested on Monday that fuel prices may rise as a result of the rise in the product’s landing cost.
