President Bola Tinubu has said the Federal Government waived over N3.3tn in fuel taxes and duties as part of efforts to cushion the impact of rising petrol prices and reduce the cost of living.
Tinubu disclosed this in a series of posts on his X handle on Sunday, where he defended the administration’s economic reforms and outlined measures to ease transportation costs for Nigerians.
He said the tax waiver would complement the Nigerian National Petroleum Company Retail’s decision to forgo its profit margin for 30 days to provide temporary relief to households and businesses.
“I also recognise the pressure rising petrol prices place on families and businesses.
“To cushion the impact, we have waived over N3.3 trillion in fuel taxes and duties.
“NNPC Retail is foregoing its profit margin for 30 days, prioritising public transport operators, while we work towards an N1,350-per-liter ceiling on wholesale petrol supply costs to reduce price volatility,” the President said.
Tinubu maintained that the country’s economic reforms were beginning to yield results, citing improved growth projections, lower transportation costs and increased revenue available to federal and state governments.
He, however, acknowledged that the gains had yet to translate sufficiently into improved living conditions for many Nigerians, promising to intensify efforts to reduce food prices, create jobs and expand access to essential services.
The President highlighted the impact of investments in compressed natural gas and electric-powered transportation, saying the initiatives were helping to reduce fares in some parts of the country.
He cited the experience of a commuter, Blessing, whose journey from Masaka to Berger now costs N500, down from N1,500, representing a 67 per cent reduction.
Tinubu also said two commuters, Ada and Abigail, reported that their fares between Enugu and Nsukka had dropped from N4,000 to N1,600, saving them N2,400 per trip.
He added that some commuters in Borno State paid as little as N50 per journey on government-supported CNG and electric-powered vehicles.
According to him, more than 400 certified conversion centres have been established nationwide, with over 120,000 vehicles converted from petrol to CNG.
He said more than 90 CNG refueling stations were available across the country, while further investments were planned to expand the infrastructure.
The President acknowledged that the benefits were not yet available to all Nigerians, promising to work with state governments and private investors to extend affordable transportation services to more communities.
He said Ekiti State had received 15 CNG buses, Lagos 20, while Akwa Ibom had 50 buses ready for service.
Katsina had introduced 30 CNG hybrid buses and 200 electric tricycles, while Kano had received 30 CNG buses and five electric buses. Another deployment was scheduled for Edo State.
Tinubu said the initiatives were part of the government’s responsibility to provide practical alternatives following the removal of petrol subsidy on May 29, 2023.
