Hours after President Bola Ahmed Tinubu announced his government would put an end to fuel subsidy regime in his inaugural speech, fuel queues returned to Nigerian cities as many motorists scrambled to get petroleum products.
President Tinubu declared that there would no longer be a petroleum subsidy regime as it was not sustainable.
The President said the current 2023 budget only has provision for the fuel subsidy till June.
He added that funds meant for subsidies would be diverted to creation of public infrastructure, education, health care and jobs.
“We commend the outgoing administration for phasing out petrol subsidy regime, which has increasingly favoured rich more than the poor
“A 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 and health care.
“This is to improve the lives of millions,” Tinubu said.
There was chaos in many service stations in Abuja as frustrated customers, eager to buy the product, struggled to join the long queues stretching several kilometres.
Such queues are already causing serious gridlock in usual light-traffic Abuja roads at the weekend.
Ali Nuhu, a black marketer lamented there was no job around.
“Selling petrol on the road is the only hope of making ends meet. I get petrol from filling stations.
“Since yesterday, sales have reduced, compared to last week; many filling stations are now selling fuel within Abuja.”
In Lagos, a few areas of the metropolis monitored by Lagos today, showed cars queuing up, while other buyers were seen with different sizes of kegs and jerrycans to buy the product.
Some of the fuel stations seized the opportunity to jerk up the price from N184 per litre to as high as N250 per litre.
Other fuel stations which earlier were seen opening for business, later shut their gates, apparently, hoarding the product.
