On the heels of subsidy removal announced by President Bola Tinubu, queues have sprung up at various filling stations across the nation’s capital city, Abuja. In Lagos, most Petrol station shut down with few opened ones witnessing long queues.
The queues, as observed by Theliberationnews were a result of panic buying that residents have resorted to against possible increment in fuel price.
Recall, President Bola Ahmed Tinubu, GCFR, on Monday, during his inaugural speech, announced that the era of fuel subsidy is over in the country.
This has been one of his campaign issues. While defending the decision, Tinubu explained that the subsidy on fuel is no longer justifiable in the face of diminishing resources.
His words: “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.”
According to NNPC, a whooping sum of N4.39 trillion naira ($9.7 billion) was spent on petrol subsidy in 2022.
Upon visitations to some fuel stations in the Abuja metropolis, residents and motorists were seen in unusual numbers queuing to get fuel commodities in a move to stockpile the commodity.
Speaking with a motorist at Forte Oil Filling Station, Jabi, Abuja, a cabbie who simply identified himself as Mr. Towkai said “As you can see I have come to fill up my tank and get more for future use. At least, to serve me for some time because I am pessimistic about the announcement. It might lead to petrol stations hoarding fuel or a spike in fuel price,” he said.
Speaking further, he expressed his optimism that Tinubu will meet Nigerians’ expectations and perform better than former president Muhammadu Buhari but reiterated that the announcement on fuel subsidy should have been reserved for another occasion.
According to another motorist, Samuel John, “Tinubu’s announcement is what has led to the queue and panic buying. We can’t afford fuel scarcity or something like such. I hope we won’t have to contend with that soon.”
