President Bola Tinubu has denied the reports that his administration has reintroduced fuel subsidy on petrol, despite the increase in crude oil prices in the international market.
The president, who had announced the removal of fuel subsidy on his first day in office, said the government was not paying any subsidy to keep the pump price of petrol at N620 per litre.
The president’s statement came after the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) confirmed the return of fuel subsidy under President Tinubu.
However, President Tinubu said that there was no provision for fuel subsidy in the 2023 budget and that subsidy payment was no longer justifiable.
He said that the government was working to manage the exchange rate effectively and to increase the supply of petrol in the country.
Tinubu also said that the government was committed to diversifying the economy and reducing its dependence on oil revenue.
