The president said the fuel subsidy is gone because there was no provision for it in the 2023 budget and ever since, there has been panic buying and uproar from Nigerians.

In January 2012, former President, Goodluck Jonathan attempted to remove the fuel subsidy but was not successful

The government argued that the removal of the heavy subsidy (1)would free up funds for other public services, including health and infrastructure projects, and the liberalization of the fuel industry would benefit the economy.

(4)The subsidy removal will also put an end to the smuggling of Nigeria’s Premium Motor Spirit (PMS) to neighbouring countries, which is an organised theft and diversion of the PMS aided by the country’s easily penetrated borders which affect the economy

In the past, Nigeria pays N400bn monthly in fuel subsidy payments. (7)What the removal means is that the government will put that money to use in other sectors like education, health, and other infrastructural development.