TINUBU/SHETTIMA ERA BEGINS: FUEL SUBSIDY REMOVED

Asiwaju Bola Ahmed Tinubu, was sworn in on 29th May, 2023, alongside his running mate Kashim Shettima, as the 16th president of Nigeria, since the country’s independence in 1960. Having won in the last general election that held on the 25th of February, the former Lagos state Governor was finally given the mantle of power at Eagle Square, Abuja. As Asiwaju Bola Ahmed Tinubu and Mallam Kashim Shettima take their place in history book, here are a few highlights of the inauguration:

Nigeria experienced an inflow of delegates from different parts of the world, which include Foreign Allies, Representatives and World Leaders. A group of nine delegates which was headed by Marcia Fudge, US Secretary of Housing and Urban Development, represented the USA. In attendance also were Rwanda President, Paul Kageme, other world leaders including Abdelmadjid Tebboune of Algeria, Nana Akufo Addo of Ghana and notable Nigerian personalities.

Around 9:51 AM, the then president-elect, and the vice president arrived the Eagle square for the swearing in which was delivered by the Chief Justice of the Federation Olukayode Ariwoola. This was closely followed by twenty- one rounds of service riffle salutation for the new president by the Armed forces.

In his first speech, the new president urged Nigerians to display a sense of fairness and equality and sought their support for a smooth running of Nigeria Economy. He reiterated his campaign promises, his pledge to review the Naira redesigning policy of the last administration and the removal of the fuel subsidy.

Away from Eagle square, no fewer than 28 Governors across the federation took the oath of office on Monday. Notably, in Oyo State, Governor Oluseyi Makinde took the oath of office, alongside his Deputy Honourable Bayo Lawal, for his second tenure as the Governor of the State alongside other governors in other states.

As stated earlier, during his inauguration speech President Tinubu declared that the era of subsidy on fuel has ended, he also stressed that the 2023 budget has no provision for fuel subsidy making the payment unjustifiable. Commenting on this, the president of the Trade Union Congress, Festus Osifo, urged the New president to be calm and give room for consultation and dialogue before making a delicate decision like subsidy removal. Also, the Independent Petroleum Marketers Association of Nigeria has opposed the plight of President Tinubu on the subsidy removal come July, claiming it’s a means of punishing the common Nigerians who are always the bearer of the brunt.

Few hours after President Tinubu’s declaration of subsidy removal, queues resurfaced in several filling stations across the country. This was a response to the possibility of the Premium motor spirit to go as high as #500/litre. While many economy experts believe removal of subsidy is long overdue, most believe the comment by President Tinubu on fuel subsidy removal was not well planned, coming as a speech for the inauguration day.

In response to the concerns of the populace and stake holders in the oil and gas sector, President Tinubu's media team released a disclaimer stating the inevitability of fuel subsidy removal, and the plan of his administration in providing the needed economic cushions to help poor Nigerians alleviate the effects of the transitioning.

Furthermore, the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) further encouraged Nigeria to understand the significance of subsidy removal as it’s needed to drive necessary investment and growth, also that the organization would always be on its toes to ensure zero disruption in supply and avoid any form of short-changing. NMDPRA continued to advise Nigerians not to panic and urged them to stay away from stockpiling as it poses a significant environmental and safety hazard.

Alonge Rasaq Adebayo