Fuel stations across various states of the Nigeria have started witnessing long queues after the announcement of the removal of fuel subsidy by President Bola Ahmed Tinubu.
Petrol filling stations in Lagos were crowded by motorists who rushed to buy the product before a nationwide scarcity persisted.
Many fuel stations have stopped selling as of the time of filing this report, according to Daily Trust.
Speaking while delivering his inaugural speech, Tinubu lamented how fuel subsidy is benefitting the rich at the expense of the poor.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. 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, health care and jobs that will materially improve the lives of millions,” he said.
He also promised to look into the issue of multiple taxation so as to attract foreign investors and boost the country’s economy.