The presidency has denied reports that the Bola Tinubu administration has reintroduced fuel subsidies following the announcement of lower petrol prices at Nigerian National Petroleum Company Limited (NNPCL) filling stations for the next 30 days. Special Adviser to the President on Information and Strategy, Bayo Onanuga, described a report claiming a subsidy had been restored as fake news.
Onanuga clarified that the government’s measure is a temporary margin discount on petrol sold by NNPCL, with public transporters given priority nationwide. He urged Nigerians to properly understand the wider measures announced by the administration before circulating reports suggesting that fuel subsidy had returned.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the discount was not a subsidy but an arrangement for the government to sell petrol at cost. He also said the Federal Government would negotiate a landing cost for petrol, which would be reviewed monthly.
