Tinubu in his inaugural speech at the Eagle Square in Abuja on Monday, May 29, 2023, after he was sworn in as Nigeria’s 16th President said the era of subsidy payment on fuel has ended.

According to him, the 2023 Budget made no provision for fuel subsidy, and subsidy payment is no longer justifiable.

He stated that his government will instead channel funds into infrastructure and other areas to strengthen the economy.

This has led to panic buying in every part of the country with a litre of fuel selling for as much as N500 in some states even as approved by the Nigerian National Petroleum Company Limited (NNPCL).

Oshiomhole has expressed confidence that issues arising from the removal of fuel subsidy will be quickly resolved between the Federal Government and organized labour.

The former National Labour Congress (NLC) president who spoke on Channels Television’s Sunday Politics also said that Nigerians will soon start seeing positive results from the removal of fuel subsidy.

Oshiomhole further stated that President Tinubu recognizes the impact the withdrawal of fuel subsidy is having on Nigerians and is determined to take immediate action to cushion it.

“This president recognizes that the effect of the withdrawal is already here, people are already going through some level of discomfort and therefore there has to be an immediate solution to it,” he explained.

“Now that immediate solution is what we discussed and the fact that we are meeting on Tuesday again shows that clearly, we realize that this is not one of those things you want to buy time because it has a real negative impact, on particularly, the most vulnerable group.

“But we have a solution to it because you are going to make savings, so take from that savings or even if it is borrowing.

“So, whatever it is, you can leverage some revenue and improve wages to cushion the cost of living, I think it is legitimate, I think it is doable, it is not something that you want to spend two to three months negotiating,” Oshiomhole said.