Amidst concerns over petroleum subsidy removal, President Bola Tinubu, on Friday, said renewed hope has dawned in Nigeria with his ascension into office.

In a recent tweet, Tinubu wrote; “Welcome to the era of the Renewed Hope”.

Welcome to the era of the Renewed Hope #RenewedHope pic.twitter.com/sfynlDiBT0

— Bola Ahmed Tinubu (@officialABAT) June 1, 2023

This comes on the heels of the recent hike in fuel prices in the country with a litre of petrol hitting N700/litre, as Nigerians count losses following scarcity of the product in the country.

TRIBUNE ONLINE reports fuel queues returned to Nigerian cities Monday, May 29, as many motorists scrambled to get petroleum products hours after Mr President announced that his government will put an end to the fuel subsidy regime.

Mr Tinubu on Monday in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable.

“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,” Tinubu said