Bola Ahmed Tinubu (Front) waves to people after being sworn in as Nigeria's new president at a ceremony in Abuja, Nigeria, on May 29, 2023. /Xinhua
Nigerian authorities on Tuesday urged citizens not to panic over the announcement of the removal of the gasoline subsidy by new President Bola Ahmed Tinubu.
In his inaugural speech Monday, the new Nigerian leader said the subsidy regime was gone, a statement that immediately sparked panic buying and fuel queues across the West African nation.
In a statement issued Tuesday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said it is working closely with the state-run oil giant and other key stakeholders to guarantee a smooth transition, avoid any disruptions in supply, and ensure that consumers are not shortchanged in any form.
The NMDPRA assured that there is an ample supply of gasoline to meet demand, as it has taken the necessary steps to ensure distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country.
"We, therefore, call on Nigerians to remain calm and resist the urge to stockpile, as it poses a significant safety hazard," the statement said.
The regulator said contrary to speculations and concerns, the announcement by the president is in line with the Petroleum Industry Act (2021), which provides for total deregulation of the petroleum downstream sector to drive investment and growth.