Petrol stations in Lagos started witnessing queues few hours after President Bola Tinubu announced that “fuel subsidy is gone”.
Some Nigerian National Petroleum Corportation (NNPC) stations in Ikeja, Alausa were crowded by motorists who rushed to buy the product.
Many private stations were not selling as of the time of filing this report, Daily Trust reports.
SaharaReporters earlier reported that the newly inaugurated Nigerian president officially announced the removal of fuel subsidy, saying that there was no provision for it.
Tinubu had said this on Monday during his inaugural speech at Eagle Square in Abuja.
He had said he was informed that there was no provision for fuel subsidy, adding that it could no longer be justified.
He said, “Fuel subsidy is no more. 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.
“No provision for fuel subsidy.”
He said there would be a “thorough house cleaning,” adding that the interest rate would be reduced.