In response to allegations that President Bola Tinubu lied about the removal of fuel subsidies, the Presidency has clarified its position. Special Adviser on Information and Strategy, Bayo Onanuga, stated that the administration has not reintroduced fuel subsidies. He emphasized that since May 29, 2023, when President Tinubu announced the deregulation of the Premium Motor Spirit (PMS) sector, subsidy provisions have been removed from the national budget.
Onanuga also addressed claims that the government was secretly continuing subsidies, explaining that the Nigerian National Petroleum Corporation (NNPC) Limited’s decision to absorb rising petrol costs is a temporary measure, not a reinstatement of subsidies. He acknowledged that this approach is increasingly unsustainable due to rising crude oil prices and the devaluation of the naira, but hinted that the situation may improve once the Dangote Refinery and other local refineries become operational, potentially stabilizing fuel prices and reducing dependency on imported petroleum products.