Queues for the Premium Motor Spirit (PMS), popularly called petrol, resurfaced in Lagos State on Monday, May 29, a few hours after President Bola Tinubu announced the removal of fuel subsidy.
It was gathered that NNPC stations in Ikeja and Alausa areas of Lagos were crowded by motorists who rushed to buy petrol, while many private filling stations refused to sell the product on Monday.
President Tinubu, in his inaugural speech shortly after his swearing-in in Abuja, declared that “fuel subsidy is gone”.
READ ALSO: Breaking: Tinubu removes fuel subsidy
He stated that there was no provision for fuel subsidy in the budget he is inheriting from his predecessor, Muhammadu Buhari.
The president said the money being spent on subsidy would be channelled to other use, especially on education, health and infrastructure.
“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.
“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,” Tinubu declared.
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