Petrol stations in Lagos started witnessing queues few hours after President Bola Tinubu announced that “fuel subsidy is gone”.
Daily Trust observed that 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.
In his inauguration speech, Tinubu had said subsidy was benefitting the rich at the expense of poor.
“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,” he said.
He said he would also review complaints on multiple taxation so as to boost the economy and attract investors.