The fuel subsidy removal was announced on Wednesday, May 11, 2016.
The government had hinted on Tuesday, May 10, that it would announce new policy on fuel subsidy today.
While
preparing Nigerians for the hardship ahead, Vice President Yemi
Osinbajo had said that the government would have to take tough decisions
on the desirability of retaining fuel subsidies, adding that it had
become necessary to remove them.
“No matter
how we slice it, we are in economic times that are challenging, but they
provide us with some of the best opportunities for making a real
difference in our economic life.
“I think
that we are at a point that a lot has been said about subsidies and
what to do with subsidies. I think we are at a point where we must make
many difficult decisions and make very tough choices.
“But I think the Nigerian people are prepared for all what is required and all it would take to make a real difference," Osinbajo, who spoke at the third Ogun State Investors’ Forum held in Abeokuta on Tuesday, said.
However, details of the subsidy removal are still not clear enough.
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