According to Festus Keyamo, the Minister of State for Labour and Employment, President Bola Tinubu did not abolish oil subsidy as some believe. Keyamo clarified that Tinubu merely inherited a budget that did not allocate funds for fuel subsidy.
In his inaugural speech at Eagles Square, Tinubu declared the end of fuel subsidy. However, this announcement has led to increased prices at some filling stations and the re-emergence of long queues nationwide. Keyamo responded that if Tinubu had reintroduced fuel subsidy in his speech, he would have acted unlawfully.
In his tweet, Keyamo wrote: “A section of the Press is mischievously twisting the narrative to read that TINUBU’s GOVERNMENT HAS REMOVED SUBSIDY. That is NOT CORRECT. TINUBU’s govt has merely inherited a regime where there was no provision for subsidy in the 2023 Appropriation Act as from June 2023, and the Petroleum Industry Act, which is now extant, has no provision for subsidy.
“President Tinubu merely acknowledged this state of affairs in his inaugural speech at the Eagle Square.
“So any advocate of subsidy should convince the Nigerian people why President Tinubu should start on a note of illegality by promising to reintroduce something which the law has taken away.
“They should also convince the Nigerian people why President Tinubu should embark on a present illegality that gulped $10 billion of our scarce or unavailable resources in 2022 alone.
“Those claiming to defend the right or welfare of workers should convince the Nigerian people that $10 billion injected into the economy yearly will not jumpstart the economy enough as to create massive jobs and even increase the same minimum wage they complain about.
“That is the conversation the Nigerian people are prepared to have now.”