Tinubu weighs option, may consider return of subsidy

President Bola Ahmed Tinubu may temporarily return subsidy on fuel, according to a report by The Cable.

The newspaper, quoting a Villa source, said even though there is no final decision on the subject, the proposal is “firmly on the table” and appears to be viable.

The Nigeria Labour Congress (NLC), has already warned that it would embark on an indefinite strike without giving notice if the petrol price further surges.

Recall that the government of Kenya, yesterday, re-introduced fuel subsidies to curb soaring prices of petrol, kerosene, and diesel in the country.

The move came after months of violent anti-government protests over the burden of high cost of living.

Still quoting a presidency source, the newspaper said the government now know the “realistic” amount of petrol consumed in the country following the removal of subsidy, hence the amount spent on subsidy “can now be controlled”.

On Monday, the Nigerian National Petroleum Company (NNPC) Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.

The high cost of energy, especially petrol and diesel, have pushed inflation to an all-time high. While headline inflation stands at 24.08 per cent, food inflation is 26.9 per cent.